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A good way to locate the source of an engine noise is to get a long screwdriver and put the blade against the engine while it is running and put your ear against the handle. If the niose is coming from the head, it is probably the cam or valves. If it is comming from the timing belt cover, it is probably the idler pulley. If it comming from the block, it might be a rod or crank bearing.
Being a rhythmic noise I would think it is not any kind of bearing. If it sounds to be the same speed as the engine and is a clacking noise I might think piston or rod. If it is a rubbing sound that does not match the engine speed, it might be a belt or bad pulley.
Check your powersteering pump, alternator and water pump with the screwdriver also, if you can reach them.
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'88 Corolla, AE92 SR-5, 7A-FE swap/GT-S suspension
'87 Corolla, AE82 FX-16, 4A-GZE swap (autocrosser)
'03 Tundra 4X4 Access Cab, (FX tow vehicle/Home Depot runner)

Modification: Changing something to what you thought it should have been from the start!
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