When was the last time the timing belt was changed?

 

The two are most likely not related.

A belch of smoke on a cold start is the valve stem seals. Common problem on these motors.

The valve ticking could be from too high a clearance between the valve lobe and the valve bucket. There are shims on top of the valve buckets that come in a range of thicknesses. If the gap is too big, the shim needs to be replaced with a thicker one.

 

The timing belt had its second replacement and water pump done 30,000 Mile's ago

 

Do y'all know where I can get the shims needed. The local parts counters seem to be clue less as normal

 

Might have to get these at a dealership. Or a shop that does engine rebuilding. There are a lot of sizes, so it's best to remove what you've got, figure out what thickness it is, then buy one that's the correct amount thicker/thinner to get it within spec.

Before you go buying parts, you should pull the valve cover off and check valve clearances with a feeler gage; see pic below. It's somewhat rare for these to need adjusting. The tapping could be coming from something else.

Specs, when cold:
Intake valve = 0.007"-0.011"
Exhaust valves = 0.011"-0.015"

 

Oil change recently?

Clean oil, I primarily use 5W40 or 0W40 diesel (Mixed Fleet so it has SL-SM and C4 Ratings) oils in mine.

Or maybe try a high milage oil?

 

It's good on my oil. I use 5w30 Valvoline high mileage