Is it RPM dependent? At idle only or worse at speed?

Do you have a mechanics stethoscope (harbor freight sells an OK one for a few bucks). That can help narrow it down to a cylinder/top/bottom end.

To help locate it I would remove the fuel pump and the fan belt.. anything external to the engine that makes noise and run the motor using the stethoscope and listen to the motor in a systematic way... the closer you get to the noise the louder it will be. Its a fairly helpful tool.

You've already rules out valve lash and done a compression test?