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I know there are posts on here about knocking noises and such, BUt they all say the noise goes away after is warms up or. The noise, sounds like a quiet deisel is at idle, when its cold/hot, it dont matter it is always there but only at idle.
It has something to do with the lifters on the updated 5.4L. There was a post in the engine forum about it earlier in the week, and ford has acknowledged it, but says it isn't a problem. (Starting to sound like a typical ford answer, cause spark plugs blowing out wheren't a problem either)
I think the only real solution is to replace the rockers with roller-followers, but I could be wrong.
A not too loud rattle on cold start is usually the hydraulic cam chain tensioners. My Mark VIII has been doing that for the last 7 years, I use Mobil 1 5W20 oil and at 198,000 miles my engine is very clean with no sludge or crud accumulation.