Clicking (Ticking) Sound From Top of Engine

#1
I know this has been discussed many times but I could never find a post that was exactly like mine that had been answered (may have missed it). I have a 02 Corolla LE that has 221k miles on it. I bought it about a month ago from a friend’s mom for really cheap. She bought it new and has every maintenance record on it (oil changed every 3k miles). The car runs great and idles very smoothly. The issue I have with it is that there is a loud clicking (ticking) sound from the top of the engine that coincides with the engine speed. It is worse when accelerating. At cruising speed you can barely hear it until you get back on the gas. The previous owner said the noise started about 1.5 years ago but her mechanic did not seem too worried about it. I do all my own mechanical work on my Miata and Subaru but this is the first car I have owned with a timing chain. This is what I have checked so far:
1. Replaced the timing chain tensioner. (No change)
2. Replaced the intake and header gasket. (This got rid of the whistle from the intake but ticking still there)
3. Pulled valve cover to replace leaking valve cover gasket. When I rotate the engine by hand the exhaust cam rotates over before the intake cam and it leaves slack in the chain between the cams until I rotate the crank a couple of more mm and then the intake cam flips and the belt tightens up again. Not sure if this is normal for a timing chain.
4. I did a compression test and all cylinders were between 170-172 PSI dry and then dropped to around 155 PSI wet. This was with 6 rotations of the engine.
5. If I run the RPMs above 4,500 when driving the noise goes away until it shifts and drops back below 4,500.
The Corolla runs great other than the ticking from the top of the engine. Any help would be greatly appreciated.
 
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