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try to figure out exactly where the noise is centralized & Look at your warrantee and figure out the costs. Is it in the valve cover or the front of the engine ? is it a manifold leak with that noise ? is it the heater motor.? Do you think its the Alternator bearings ? a wooden handle or a long screwdriver held to your ear might help you hear the noise better.
Its not unusual for a Camshaft lobe to flatten out but that is a tapping sound unless there are several flattened by poor lubrication.
. . . and: You'll probably get a lot more responses over in the "1994.5 - 1997 7.3L Power Stroke Diesel" forum in the "Diesel" section on the main forums page.