I've been hearing a loud intermittent ticking noise at idle.  It increases with RPM and will fade away past 3K RPM.  Generally I hear it when I'm idling at a stop light, but as I said it's intermittent so I don't hear it all the time.  The noise is similar to two shot glasses being smacked together.  It's not injector tick as it's much louder than that.  It's very hard to pinpoint the noise as it only comes on ~30 seconds at a time.  At first I thought it was coming from the valve cover, but it seems almost louder when I'm under the car (on ramps).
Here's some more, possibly relevant information:
- '91 318is w/ 144K miles.
- Timing guides and tensioner replaced.
- New water pump.
- New injectors.
- New plugs, wires, coils.
- Complete overhaul of mess under the intake.
- Upper and lower oil pan gaskets replaced last year.
- No oil leaks!  Car doesn't burning any oil.
- Oil filter housing gasket + o-ring replaced (as well as the engine mess under the intake) within the last 10K miles.
- I've used both Rotella T6 5W-40 and Mobil 1 15W-50 oil.
- It doesn't matter if the car has sat for 3 days or I've been driving for 3 hours.  The sound will come and go regardless of the engine being cold or thoroughly warmed up.
Here's a video of the ticking sound (watch all the way through, it's intermittent): 
https://flic.kr/p/2gtrVQbHere's what I've done to try to diagnose and remedy this:
- Removed valve cover and inspected everything.  There's no odd wear on the cam lobes:

- Video of chain play.  Is this normal?  
https://flic.kr/p/2gxMwZ1- Yes, the cam gears are pointy, but it's one of the cam sprockets that came pointy from the factory.  See more here: 
http://www.m42club.com/forum/index.php?topic=19556.0- Dropped the lower oil pan to check for loose bolts, timing guide pieces, or a blocked sump (all checked out fine, though the upper pan gasket may be protruding slightly around the pickup path)

- Replaced the timing chain tensioner (no effect).
- Changed the oil (Mobil 1 synthetic 15W50) and added Liqui Moly Lifter Additive (no effect).
- Fuel injector cleaner + 2 fresh tanks of gas (no effect).
- BMW lifter bleeding procedure (no effect).
- Changed the oil again to a 5W40 synthetic (possibly louder after changing the oil).
- Removed the alternator and A/C belts to verify it's not pulley noise (no effect).  I did NOT remove the water pump belt as you replaced that 2 years ago so I assume it's still good.
- Verified no oil leaks are present and I am not burning any oil between changes.
I have not checked the oil pressure, though the light hasn't come on.  I do know the oil light functions because when I install a new oil filter the oil light comes on for a few seconds after initial startup.  I've read that low oil pressure or a worn oil pump can cause the lifters to tick due to lack of oil flow to the top of the head.
I'm at a loss of what the noise is.  Even with a mechanics stethoscope it's very hard to pinpoint where it's coming from.
Thanks for any input!