I know of several guys running engines much bigger than 103" running with the original (pre-07) time tested compensator which experience No issues. My neighbors '04 113" has zero issues. The guys I know with S&S 124", 117" and 2 S&S 96" don't have problems. Why do you think they aren't having issues?
The 96" motor trashes the 2007+ compensator because the new design is inadequate and a piece of shit. The '06 96" bikes didn't wreck the compensator. They rattled the shit out of the gears in the new 6 speed which drove everyone crazy. So Harley came up with a new compensator, which is pure junk... and then added the cush drive to the belt drive sprocket, then Harley came up with the "SE compensator" as a fix for the crappy OEM '07up POS. And the problem is still not fixed... :-(
Anyway.... parlmr - can't tell you why you are hearing noises, that's pretty generic description. Not sure I understand why you bought a new compensator for your 2003 from Drag, was your original compensator damaged?