its most likley a loose rocker, bad lifter, or bad/bent pushrod. It will be something in the valvetrain. Most mustangs tick from that area and it hard to diagnose, because it sounds similar to an exhaust leak......Seriously I havent heard a mustang that didnt have a valve train tick....My car has a tick from something in the valvetrain, prolly a bad lifter or loose rocker, Its been like that for years and years of racing, and nothing bad has come from it. At first I was concerned that the motor was going to break because of it, but after the years of racing, I just forgot about it, its now just a tick with no concern to me.
Tick causes: bad valves, bad pushrods or bent, bad valve springs, Broken valve springs, Loose rocker or bent rocker, sticky lifter....All of the components need to be within a very tight specs, over time/over-reving/racing/etc. they become loose and or weaker, causing slack in the valve train causing a tick at idle that gets louder or stays with the rev's...IMO a common mustang issue.
Fix: replace/rebuild top-end....Ive been down the road or replacing part after part, Ie lifters,pushrods,rockers, and It still has a tick so, its best to do and entire rebuild or replace the top-end