Hi Harvester...
Here are my findings to your latest questions:
1. I checked and the noise is from the engine and not the transmission.
2. The noise changes with the RPMs of the engine. Since I am in 4th and only going about 25mph, the rest of the truck and road noise is at a minimal which makes it easier to hear the tap.
3. The noise changes with the RPMs of the engine.
4. At this point we have determined it to be in the engine.
Over the weekend while at my local car club's show and swap meet, a fellow member pointed me in the direction of a local shop that works on older vehicles. They took a listen to the truck and felt the noise was a 'lazy' lifter. They felt the truck ran very strong and try not to over 'hear' the engine. It would be normal for a 43 year old engine to make a little noise even at 28,000 miles.
This sounds like this was one of the results listed above in this form.
So for now, I will wait and keep my ear peeled for any changes but I wanted to thank you and everyone else for helping me with this issue. If I had let my mind go nuts about it, I might have just left the truck on the side of the house in fear of causing too much damage. As it is, with this economy, things are tight and I really could not afford a major engine problem. So thanks guys… this is really a big load off my mind!
Thanks... Russ