Is this problem something I need to address ASAP?
 

So I took my truck out to the lake today, and while driving it around with the windows down, I noticed it's making a REALLY loud obnoxious ticking noise. I'm not sure if it's the cam phasers or the chain tensioners being shot and it's chain slap.

It only happens at really low rpms, like when I am just barely touching the gas, something I don't usually do but was doing while I was basically coasting around on the dirt roads around the lake today.

It fades as the RPMs go higher and is all but un-noticeable at 1500 RPM.

Thoughts?

video:

Your video isn't working.

Mine had a bad tick when I had a fouled spark plug, swapping them out fixed it.

Video fixed.

Sounds more mechanical than my fouled plug did. I think these videos from the stickey are supposed to have some good tips for diagnosing the noises:

Ford tech training videos: http://www.flatratetech.com/index.php?categoryid=4
See episode 22 for Cam phaser and tensioner issues.

That link goes to a 404 page for me.

Does anyone else have any input? Think I'm going to just run it to a shop and ask them if it's really serious or not, although I'm not sure I'd trust their answer to be honest since it's in their best interest to lie and say it needs to be fixed ASAP.

Sounds like bad tensioners and chain slap sir. My 06 5.4 does the exact same thing. Starts rattling at about 800rpm and clears up at about 1500 or 1600. If it goes untreated for long enough could lead to jumped tooth in time or rub a hole in the casing. If you get it fixed might as well go ahead and replace the whole timing set and not have to worry about future issues. Hope this helps man!

By random chance there was a mechanic in my complex who was happy to take a look at it for me. He told me this noise was definitely chain slap, but that with chains the chances of it actually jumping a tooth are pretty slim (compared to belts) as long as I'm not driving it hard and recommended I get it looked at "whenever finances allow".

He also said the loud constant ticking might be the cam phasers, or the lifters might just need to be adjusted a little.

Thanks for all your help guys, sounds like you were spot on!