I'm suffering through this same situation right now. The ticking on my engine lasts for a few minutes after a cold start, then goes away until the engine cools down again. MMO didn't do much to help, I have a can of Seafoam I'm going to use as a last resort before pulling the intake manifold off to change the lifters.
Here is a thread I created with a link to a video where you can hear the same ticking/knocking noise.
http://67-72chevytrucks.com/vboard/s...d.php?t=698959