timing chain

Well noises can be tricky but if the timing chain is making a knocking noise it must has so much slack that it is hitting the inside of the aluminum timing cover. So steel chain rubbing on aluminum means metal going into the oil pan which is not good. How many miles are on the car?

Ticking could be a lifter or just normal injector pulse. It is hard to say without hearing it. You can check the slack in the chain. Turn the crankshaft until the timing pointer is in the degree scale on the vibration damper, clockwise from the front. Remove the distributor cap(I don't think 93 5.0 is DIS?). Now turn the crank counterclockwise and have someone watch the rotor. Once the rotor moves see how many crank degrees you went. Should be around 5. Timing chains usually last a while I have 260K on mine. Did the mechanic check slack? Sounds a little fishy. If slack is fine and the chain did not skip a tooth there is something else causing the problem.