I have isolated this by using a mechanics stethoscope. The noise is loudest at the back of the pump. It can be heard from inside the car when idling. When run with the belt off there is no noise. There does not appear to be any metalic particles in the fluid, it appears thicker than fresh ATF though. Perhaps the noise is just a pump with 130K but after thinking a ticking noise was just a worn lifter and having to rebuild the head with new rockers, lifters, cam, etc.($2K)to correct it (second cam in 18K) I get a little nervous when I hear a new noise.
88 300E 130K