I would think rod bearing noises are a thunk sound that you'd be able to recognize as the sound is deeper within the block.
A tapping sound to me, points to slack in rocker arm activity (lack of oil, excessive slack).
If exhaust, your ear should locate the sound to that side of the engine... if lifter/push rod, to the top.
If it were me, I'd first pull the valve cover and investigtate the action... and go from there.
Jerry


1959 Chevy Apache 3200 Stepside
In the Stovebolt Gallery
Restoration Journal on Facebook

"A government that robs Peter to pay Paul can always depend on the support of Paul." ~ George Bernard Shaw