I wish it was a bomb, but it isn't. I appear to have a valve tapping. How hard is this to fix on the modular 5.4 motor? Anybody have any quick fixes that could help?

Would a product like Restore help with this? I have 145,000 miles on it.

Also has anyone ever done a motor swap on one of these? Was it hard?

Search here if no responds. In the forums section.

http://www.ford-trucks.com/

Steve does it go away when you give it gas are does it maintain the same noise level?

It stays when you give it gas. At first I was thinking it was a leaking exhaust manifold, I have heard that there is a problem with the ehxaust manifold mounting bolts breaking.

Check out this post on the F150fourm. May be your issue also
http://www.f150online.com/forums/showthread.php?t=305255&page=1