I guess it's tensioners. I have had the similar noise and now my engine is in overhauling. Everything was good inside exept broken tensioners and clogged oil channels.
I've got the same knock sound like described in this threads
http://www.lincolnvscadillac.com/showthread.php?t=61291
http://www.lincolnvscadillac.com/showthread.php?t=51779
it sounds from the top of the engine, engine running good.
I've took off the valve covers but everything seems looks...
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