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I bought an '84 Ford Bronco back in Sept. and it had a bit of a tapping comming from the front of the engine. My thought is that it is the water pump or the timing gears but I'm not sure.
Its a hollow tapping, not always consistant but it is prominant when it first fires up in the morning, or after setting a spell.
the only reason I'm worried now is that this afternoon it started knocking loudly (not always consistant) and I'm not sure which it would be, I don't have the funds to fix both just to be safe so I want to narrow it down.
my truck has done this twice, one time I replaced the cap and rotor because it was not getting good enough spark, the second time, the front spark plug was loose(it tends to come loose every 2 months), it sounded horrible. it could be a rocker though, i have one that is starting to tick
If you think it may be your water pump you can replace that for about 13 bucks plus a 5 dollar core charge for a reman. at parts plus. I just replaced mine yesterday on my 78 with a 300 6 cyl.