Just to finish this story. The dealer "thinks" the piston skirts make this noise when the car is cold but they can't say for sure. There is nothing official from Ford.
Ford authorized them to replace the engine but they couldn't guarantee it would be a new engine or a re-manufactured one because they both come from the same plant (what?).
I've received several calls from the dealer asking "how'd we do?". Do they really want to hear all that profanity? - I think not.
By the way - just for good measure, they damaged my car while they had it and had to replace one of the side-scoops.
Ford - the legend lives on!
Thanks to all who offered advice on this issue - you were spot on.
Mike
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