Piston noise in an 02 4.6 SOHC

Wow. Good use of the search :) FWIW, mine's doing just fine nearly 7 years on despite some cold piston slap. Nothing to worry about.

Yours doesn't sounds like the same piston slap noise. Slap usually occurs when cold and goes away -- or is greatly reduced -- when warm as the piston thermally expands and the clearances tighten up.

A valve tap -- a collapsed HLA, for example -- would make noise no matter if the engine is accelerating, floating or on the overrun. Noises that vary with load like this may point to a bearing or wrist pin.

You might try taking a video of the car making this noise and posting it...