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Bob, OHC means overhead cam. The 4.6 and 5.4s are usually called SOHC.......single overhead cam which means there is one cam on each head.
Switch, you were right first The OHCs do have lifters, more or less. They are called hydrualic lash adjusters but work essentially the same as a normal hydraulic lifter. The rocker arm (also called camshaft follower) sits on the top of the valve on one end and on top of the lash adjuster on the other end. In the middle is where the cam pushes.
They can bleed down and cause a tick like an old hydraulic lifter but it's quite rare on these.
My understanding on pistion slap is that on the 5.4 it doesn't occur (normally) until you have a whole bunch more miles than you do. Assuming you have been changing the oil as prescribed I don't know why you would have that much increased wear causing pistion slap. Piston slap generally goes away once the engine warms up to operating temperature and the 5.4 high mileage engines are supposedly prone to this due to the increased angle resulting from a longer stroke than the 4.6 ltrs.Buy an automotive stethoscope and clime underneath the engine. This will help transmit internal engine noises so that you can determine the general area they are coming from. Have someone start the engine making sure not to put it in gear while you are safely clear of the fan with the end of the scope on the side of the block. Due to clearance you may have to be underneath the engine.
Unfortunately if it is piston slap a rebuild or new engine is in order unless you can live with the noise. Eventually though this will cause more problems.
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