I'm guessing that engine has a pushrod valvetrain. Sounds Like at least 1 lifter is bad or blocked oil, possibly bend pushrod. First thing you should do is find where the OP sender/switch is, remove it, then install a pressure gauge and measure oil pressure at idle and at about 3000 RPM. Don't trust the dash gauge. Next thing you could do is, while running, start pulling spark wires off each cylinder, one at a time, to find out which jug it's happening to. This is just a starting point as someone else may have more experience with that particular motor. The pressure reading will help point you in the next direction.
Just my $0.02
-Rich
Good thought, I've heard some lifters do the tap, but never that loud, but most definately possible.
OP, if it aint the exhaust, try this. Do a good engine flush, afte the warmup and let the flush work its magic for a bit, another short warmup, drain thouroughly, add oil and new filter, see if the noise went away or got better. Idea is to flush the hydraulic lifters allowing oil to do its thing. If the oil passage is blocked the lifters won't pump up, resulting in a loose pushrod, which would result in noise