mine had exactley the same noise and it is the phasers, when you pull the phasers of you can pull the back plate of undo the t30 bolts and remove the backing plate, but first you have to pull the spring back and lock it up with a tool that you make or buy from comp cams, when you pull the back plate of there is a small spring and valve and they mash themselfs up, and that valve and spring stops the oil from draining back from the phaser while not running, and this is what causes the knocking on start-up the phaser being dry of oil. but there is a difference beetween the phasers i got of bpt and the origional ones and mine is also 03, the spring sits around an extra 180 degres and the j-clip on the end of the springs are differnt, and two of the backing plate bolts act as tension and ancher point as the origionals only had one acting as the anchor point. so the comp cams lock up tool doesnt fit and you have to make one,but all that aside the job takes about 5 hours in the car for chains and tensioners as well, but ive only done one in but the couple i have done out of the car takes about 2 hours. its not very complicated at all but i do advise investing in a workshop manuall for help if ya wanna give it a go yourself

i have the same phaser noise (loud) in my car, an '03 LTD.
i'll replace them once i've made up my mind on doing the cam's or not ?
may as well do it all at once while it's all apart

Good to know that its just the phasors .

Yeah i'm just gonna leave it for now and just save up for a while. I want to get a wrecked 3v and rip the motor out of that and just build an insane motor on the side. Wonder what one would be worth. Might be better just getting a 900HP Short motor from BPT, then get the heads off mine, get them insanely ported and chuck them on put lumpy cams in it and then way later down the track ill charge it.

I got myself the workshop manual but its still a big job that can have big consequences if i dont put the timing chains back on in the exact right spot. Is it actually that difficult or is there marks on the sprockets and chains that would be easy to line up? Just dont wanna bend a valve.

Thats what i love about push rod motors, you can take the heads off and not have to worry bout the timing.

Cheers Fellas,

yes there are marks on the gears and chains but if you are unsure you can degree the cams in to be precise and sure

Pushrod or OHC, you have to worry just as much in either case. It's an easy job in either case too. Easier still with a modular because the chains are marked. Just get yourself a camshaft holding tool and you're away.

you need a tool to pull the spring back on the phaser so you can put the locking tool in if you dont you will snap the relucter wheel of the phaser unit and the spring will fly out onto the ground it is wound around the front of the phaser and the relucter wheel (camshaft position sensor pick up wheel) is only held in place by three small riverts, usually these phasers can be replaced without clamping the spring and just locking the cams, but when the knock like this the tend to spring back when you undo them so i now compress and lock the spring on the ones that knock to save resetting the timing all over again, then again if your gonna do cams down the track your gonna wanna degree the cams in anyway