I replaced the timing chain tensioner piston as soon as I got my (new to me) 318is. However, after a year or so, my car also had a loud ticking noise at idle. The noise got a bit worse but then then ultimately stopped getting any louder. Then one day I rolled away from a stop sign and the engine let out a final loud tick then died.
Turns out the timing chain guide rail had worn out and could not longer keep the chain properly tensioned, no matter how new the tensioner piston was. Then one day a chunk of the guide rail broke off and wedged itself between the chain and the crank sproket, the motor came out of time and pistons contacted valves etc etc...
Ended up having to get the motor rebuilt.
http://m42club.com/forums/showthread.php?t=5999This probably isn't the sort of thing you want to hear. But if you don't have the desire to rebuild your motor, you should defintely investigate the condition of your timing chain components.