While it does sound like an exhaust leak, have you tried to "listen" to the valves with a long screwdriver to see if the ticking is in fact comming from the valve train?
Yes I have, used a short wooden broomstick, ran it along the valve covers, and it seams like I can hear most ticking from #5,#7 area only when engine is at running temp. But then I can also hear pretty good from under car as well.. thanks
