Okay, so Jason (longhorn) brought up his issue of the 3V-V8 "heads" and the potential for a widespread problem. Upon further research I located TSB 05-15-8 "Ticking and/or Knocking noise from engine 4.6L/5.4L 3-V".
So, in all fairness to Jason - YES- this is a KNOWN problem that Ford is having with the 3V design, 4.6L or 5.4L. Is this an adequate fix for the problem?
The lash adjusters are probably my least favorite valve design (my reasoning follows the TSB excert below).
VALVE TRAIN
Lash adjusters can make a ticking/tapping noise
noticeable at any engine RPM/temperature and is
audible through the wheel well or an open hood.
However, with the hood down, lash adjuster noise
can be heard as a light tapping noise through the
wheel well and is considered normal.
Tracing this noise must be isolated to a cylinder
bank. If one bank is louder than the other bank,
focus the diagnostic to the loud bank. If both banks
seem loud with the hood down, compare wheel well
sound level to another comparable vehicle.
Use a stethoscope on the top of the cam cover bolt
heads to confirm which bank is affected. Move the
probe from front to rear if necessary.
If isolated, replace all the lifters, intake and exhaust,
only on the affected cylinder bank.
Replace 5L1Z-6500-AA Lash Adjuster (2005 Vehicles)
Here is my problem with these evil little things. They require an adequate oil supply with optimal pressure to function properly. Valve lash adjusters look and act sort of like hydraulic lifters, but there function is much different. The lifters are bathed to a larger degree in oil. No problem usually. They ride on the camshaft lobes and provide the bump for the rockers and to push down on the individual valves.
Since the rockers ride directly on the cam lobes, oil hits the cam journals in the cam caps and then flows through the rocker shafts to the rocker arms, and in turn, into the lash adjusters, which are pushing down on the valves. The adjusters are at the very end of the oil supply chain.
They have a small spring loaded checkball in them that maintains oil inside the adjuster and relieves any air that gets in there. A little leak down over night will allow them to "tick" a bit in the morning, or when cold, but SHOULD go away after a time. If not, then you either need new adjusters or have a low oil level. Over time it will indicate your oil pump is giving way, or worse, time for new crankshaft main bearings....yada, yada, yada.....
So, I give credit to Mr. Jason Longhorn for bringing this issue up. I would ask anyone with the 3-V/V-8 to review TSB 05-15-8 and make sure you keep an ear out. DO NOT assume that the ticking you are hearing is a NORMAL aspect of the injectors or the VCT (variable cam timing system).
Jennifer
So, in all fairness to Jason - YES- this is a KNOWN problem that Ford is having with the 3V design, 4.6L or 5.4L. Is this an adequate fix for the problem?
The lash adjusters are probably my least favorite valve design (my reasoning follows the TSB excert below).VALVE TRAIN
Lash adjusters can make a ticking/tapping noise
noticeable at any engine RPM/temperature and is
audible through the wheel well or an open hood.
However, with the hood down, lash adjuster noise
can be heard as a light tapping noise through the
wheel well and is considered normal.
Tracing this noise must be isolated to a cylinder
bank. If one bank is louder than the other bank,
focus the diagnostic to the loud bank. If both banks
seem loud with the hood down, compare wheel well
sound level to another comparable vehicle.
Use a stethoscope on the top of the cam cover bolt
heads to confirm which bank is affected. Move the
probe from front to rear if necessary.
If isolated, replace all the lifters, intake and exhaust,
only on the affected cylinder bank.
Replace 5L1Z-6500-AA Lash Adjuster (2005 Vehicles)
Here is my problem with these evil little things. They require an adequate oil supply with optimal pressure to function properly. Valve lash adjusters look and act sort of like hydraulic lifters, but there function is much different. The lifters are bathed to a larger degree in oil. No problem usually. They ride on the camshaft lobes and provide the bump for the rockers and to push down on the individual valves.
Since the rockers ride directly on the cam lobes, oil hits the cam journals in the cam caps and then flows through the rocker shafts to the rocker arms, and in turn, into the lash adjusters, which are pushing down on the valves. The adjusters are at the very end of the oil supply chain.
They have a small spring loaded checkball in them that maintains oil inside the adjuster and relieves any air that gets in there. A little leak down over night will allow them to "tick" a bit in the morning, or when cold, but SHOULD go away after a time. If not, then you either need new adjusters or have a low oil level. Over time it will indicate your oil pump is giving way, or worse, time for new crankshaft main bearings....yada, yada, yada.....
So, I give credit to Mr. Jason Longhorn for bringing this issue up. I would ask anyone with the 3-V/V-8 to review TSB 05-15-8 and make sure you keep an ear out. DO NOT assume that the ticking you are hearing is a NORMAL aspect of the injectors or the VCT (variable cam timing system).
Jennifer
Finally, information that is useful and dead on accurate. Thank you, thank you, thank you. 
Jenn
)
......
and his crankshaft main bearing decided to 
Hahahahahhaha.... 
