ticking driving me nuts!!!!!!!!!!

[bailey_57]

my 89 GT is ticking, i've gone over all the exhaust bolts. it sounds like an exhaust leak, but i'm not sure what it is. here is the description when its cold and it first starts it ticks like an exhaust leak, when its warm out and the engine is warm it goes away, unless i'm driving up hill. timing is at 10 degrees advanced, and fuel pressure is set at 38 psi. stock HO topend, 104,000 miles, replaced spark plugs, and can't think of what else would tick. a friend told me that it could be the metal smog equipment tubes on the back of the heads, another friend said head gasket, i dont' know let me know what you guys think, oh yeah its not using water, and the crankcase is oil not milkshake. thanks
jay