OK - just want to clarify some things - as it seems others are having or have had a similar issue...
I'm currently doing process of elimination right now as of this posting...
I can say this for all of those saying it's A) lifters or B) timing chain tensioner issues or C) internal engine issues... IT'S NOT.
I have pulled the serpentine belt completely off of the vehicle and upon cold start up (today it's in the 20's in NJ) - there is absolutely NO NOISE AT ALL, NO CLICKING, NO TICKING. So, that rules out ANY INTERNAL issues. For those that have not tried this step yet, make sure the truck is stone cold, remove the belt and start the truck. If there is NO noise, NO ticking/clicking, it's NOT an internal related issue at all.
Now, before I removed the belt, YES, upon initial start up in 20* weather, there was the same ticking/clicking noise. With NO belt on the engine and with the truck is still stone cold, upon initial start up, there are NO noises.
I have also spun all of the front accessories w/ the belt OFF:
idler pulley
water pump
fan clutch
A/C compressor
pwr steering
belt tensioner pulley
alternator
...and upon spinning each, I do not get ANY noises at all, nor is there any binding occuring with any of those items.
If I put tension on the belt tensioner and rack it up and down, I can hear a faint click noise, however, obviously I cannot put as much tension on the part as much as it has on it when the belt is completely installed.
My current guess is - I have ANOTHER bad belt tensioner... The original Ford part was replaced when the original pulley went bad, the 2nd was a Pep Boys replacement which was replaced in the summer. The 2nd tensioner was then replaced when I first had the initial "tick" problem when it got cold this winter... Now the third tensioner is another PB replacement... When I first installed this tensioner AND the previous one, niether made any noises upon initial start up w/ the belt installed. Only over a few weeks or so has the noise become pronounced again.
These tensioners were purchased from Pep Boys and obviously - they are "Made in China"... My current thinking is, the tensioner is bad and is possibly just a poorly manufactured part w/ inferior parts that make it up... I also noticed that when putting the slightest amount of pressure on it, the tensioner moves quite easily - whereas once out of the package when brand new, it was harder to move.
I'm going back out there to look over more stuff - but I can ASSURE everyone in this thread the noise is NOT due to lifters, timing system parts or any other internal engine noise...
For those who have not tried process of elimination YET - I suggest if you can or have time, remove the belt, cold start the vehicle and see if the noise persists - IF the noise is still there AFTER you have removed the belt, then YOUR situation is going to be different from mine.
IF YOU REMOVE THE BELT, DO NOT RUN THE VEHICLE FOR AN EXTENDED AMOUNT OF TIME, AS THE WATER PUMP WILL NOT BE OPERATIONAL W/ THE BELT OFF! You can start the truck and run it for at least 2-3 minutes at most, but DON'T let it sit at idle for an extended period of time.
I'll update when needed...