Can the worn out nose cone bushing do that - result in a lower pressure towards lifters?
I have a pretty strong suspicion (based on previous events) that the bushing is not in good shape!

 

I'll bet the noisy lifter is going to be the front cylinder exhaust.

Seems you know what you're doing. I'm going to suggest a lubricating product I use and it's quieted down the tapping noise so many hear and can't get past it being normal.

Try a $12 bottle of Lucas Oil Stabilizer. I've mentioned it before, and often because it takes the noise right out of the valve train (unless there is something seriously wrong). Honestly I don't get anything from suggesting this other than it worked for me and the typical noise issue. I'd rather add this than be stressed over the noise a valve train can make, keeping you on edge something is wrong.

I have had many long time EVO mechs point out the motor is "out in the open" and you are bound to hear it operating. And they tell me to stop obsessing over it... LOL

 

That's a good point JohnnyC! "Unless there's something wrong". So I think I could try that, and if the noise comes back, then I'll be thinking of opening the cone or so...
How much of this stuff should we add? Do I have to drain some oil before that?

 

jokenroll,

Depends on how low your oil is now. But a half a bottle would certainly give you a good test. Hopefully you have that much room to spare in your tank. If not just add as much as you can and see ... I mean, hear the difference.