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Sounds like a classic exhaust leak at the manifold. The studs will sometimes stay rusted fast even after they break or the manifold could be warped. Just heard a ticking 5.4l at wally world, guess I should have told the kid to get it fixed. Lots of guys running around with annoying exhaust leaks, not just Fords either.
There is a issue with the 5.4's. The cam phaser assy in the front of the motor gets noisy at about 40K. I had mine done under warranty at about 92K, I'm now at 126K and it's starting to come back.
Had same problem drove me nuts for a year I had everything checked and it turned out to be passenger side excust manifold gasket.They are very thin and after replacement it cured the nose.I had mine done so it cost me about $350.00 mostly labor.
Rezvani's Latest Post-Apocalytic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.