One time I just held the throttle WOT bouncing off the rev limiter for about 30 minutes.
j/k! But bouncing off the rev limiter occasionally is not too harmful. It does indeed cut fuel, which if you do it to much (like everyday several times a day), then yea you'll eventually hurt something. But I really wouldn't worry about it.
I just remembered, I DID one time accidentally rev mine to 7k according to the tach (throttle was stuck wide open when I started the engine), and it didn't hurt anything.
Hitting the limiter isn't what would worry me. Depending on how stock your valvetrain is, and how many miles it has on it ... I'd be more worried about damaging that or even floating a valve.
Ford tests cars by holding them on the limiter for 15 minutes. The factory limiter cuts fuel so fast that there is not enough fuel energy to do any damage. The only thing that is not good is the torsional stress the motor is under by quickly revving, then stopping, then revving, etc.
But you motor, while it has low miles IS 11 years old - the metal in the valve spings may be weak, the rockers may be weak and lifters may be going. The ticking could be any of that.