If it eats steel it is probably going to eat a lot more of the head of the bolt than the threads. I'd stay with the Seafoam.

 

I haven't got to fixing it yet. I did take it to an exhaust shop that checked it for free. They said it has a crack. We also had a cold morning here so I could check it at idle before it warmed up enough to expand and kind of seal. I put my head in the wheel well of both sides and sure enough I smelled exhaust on the passenger side. Confirms it enough for me to tackle the job.

I have 4 daughters.
Since its not a real critical repair, I'm not gonna stay up all night while theyre in bed to fix it. I will wait until my husband or mom has time off to watch them for me. I'll let you know as soon as I'm done though.
I'm gonna order the parts this week and start cleaning away the rust and soaking it with sea foam and pb. Maybe Kroil oil if I can find it.

 

Gustavo33 - What did this end up being? Your youtube post indicates it was the hydraulic lifters. Was it that or the timing chains and guides? I have the exact same sound coming from my 2004 5.4. Sounds like the rod bearing.