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I know the 4.7 is horrible at breaking the driver side rear bolts on the manifold causing an exhaust leak, kinda makes a lifter ticking noise. On top of that our 4.7 has a horrid record for loud lifter noise, so you need to track down which one is really the issue.
I have lifter noise on a cold start. There's also a strange "water splashing" sound from underneath. That's the best way to describe it. Any idea what that could be? I don't have any pre-cat exhaust smells ever. I wondered if it could actually be liquid flowing in the motor? I would think even the thinnest oil pan would muffle a sound like that.