340 when cold?

Yeah its hard to tell where its coming from. If you have headers it just might be the header gasket, mine sometimes does the cold tick noise but its always goes away in a few mintues. --Then it could be a dirty or worn out lifter, that nosie too will go away once the oil get warm and flows good. --Then it could be piston slap and once the pistons get hot and expand the noise is gone. Might very well be the pistons since many of those motors have forged pistons that make some noise when cold. All of these are no big deal, most noises that happen when hot or never go away are a problem but I would not worry if I was you. Sure bad lifters are not good but a cam change is not to hard even with the motor in the car.