Thanks guys, it's definately not nailing, is a difinitive clicking that can be heard above startup knock, and it only happens during the first several seconds upon start-up. This is the noise I belive to be caused by the chain tensioner. I did not change my delivery valve seals last week but they are only a year old. I also have one bad GP still in there and the CEL/GP light is not abnormally triggered. I can try to make a recording of the sound this morning because the car is cold right now.

The second noise I am experiencing (random ticking on hot idle) may be caused by the belt tensioner. I'll try putting my finger on the damper when it's making the sound and see if it changes; I agree though, I probably need to look at the motor mounts.

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99 E300 TD -- sold
01 540i 6 spd