The dreaded cold tick noise
 

I just finished getting my 1977 SC 2.7 fuel system and ignition in check after purchase. The engine's cooling system was full of horse treats (similar to dog biscuits only larger) brought inside the storage barn by rats I imagine. The car had been stored for 10 years after body repair and paint. I'd spent the summer cleaning it up and fixing all the small stuff and updating the cam chain tensioners and guides. I put the car outside last night to try a cold start this morning. Started up fine but for the first minute there was a ominous tick noise that eventually dissipated. My guess is that there's a broken, or couple of broken cylinder studs. Oh the joys of P car ownership, so much for some fall driving outings in the cool temps.

How bad was the tick? The cam/valve train on these can be tappety. Might be a valve out of adjustment.

Not a valve, I just set them. There were no head nuts lying around when I adjusted them either. This only started after a small drive around town. An oil leak has developed too. I'm hoping its one of the exhaust flanges leaking because the noise subsides when the engine warms. It's not popping (yet) or showing any light show in the dark so I'm hopeful...don't need a tear down this year. I have a VW Baja project for my daughter to finish first.

I would still be hopeful that it's not a stud. A lot of cars tick when cold... I haven't tried the 911 in temps below 50° F yet but imagine you may experience the same. Hydraulic lifters/tensioners may take a few moments to pump up with cold oil. Higher milage might have a bit more slap with worn bore/piston clearance etc. If you've sprung a new leak during this I might consider the oil pressure was a bit too high. What weight oil and ambient temperature?

I'm justifiably worried when it comes to 2.7 stud failure since I've repaired a few client cars with the same issue. The usual tear down, stud removal, case savers routine. Most I've done had the popping and exhaust smell in the heating system. This is a tick that sounds like a manifold flange leak because it goes away quite quickly. The oil leak I think is due to an over fill my son did when he borrowed the car. Failed to warm it up and check while engine was running. Possibly the tick is a result of a "different driver" syndrome. BTW I'm using 20w50 and the car is usually in a heated shop. This was its first cold start to test the CIS adjustments.