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My '96 XLT has a rattle on cold start up. It sounds like a timing chain to me.
It only goes for a few seconds and is quieter when I top up the oil or just change it.
It doesn't happen when the engine is hot.
I'm thinking maybe the tensioner is gunked up?
The engine runs great otherwise, no rattle at 2500-3000 and idles smoothly.
I assume you're familiar with the TSB/recalls on the cam chain tensioner cassettes. The original notice from Ford to owners said that such a sound was not a problem if it went away within 5 minutes of cold start up.
There is a ton of discussion on the tensioner issue in this forum, you might do some searches to get more info.
It might, but if you're out on the highway doing 55, you probably can't hear anything like that unless you've actually had a failure. Ford's notice said that the sound would be most noticeable during idle at cold startup. Being at idle in an open garage or near a wall or curb will reflect such a sound back to you also.