Re: ticking/tapping noise from my \'94 7.5L
When does the noise occur? All the time? When its cold? At all engine speeds?
If it is in the valvetrain you can make the repairs without pulling the engine. Sounds like it could be a collapsed or sticking lifter. If thats the case you would have to remove the valve covers, rocker arms and pushrods. Then remove the intake to get at the lifters.
Here's some good info on hydraulic lifters.