You said ticking is worse at startup and gets better after engine runs somewhat. To me that sounds like a lifter noise. Have you tried to run a lifter bleed cycle?

 

I reassemble it with all new gaskets. I also checked the vacuum at the plenum, it was low, but within tolerances.

Yes, I did try the lifter cycle that Mitsubishi suggests, many different times. It never helped.

 

The more I thought about the timing, the more I doubted myself. Then I started thinking this could be an easy fix...foolish me...

I pulled off the coved and checked the timing, and everything looked fine. I'm going to have to keep looking.

Here's what the timing marks look like on the crank. The mark is on the back of the gear so it's easy to see with the pulley still in place.

Timing marks on the crank with the pulley in place.

 

I think I’m going to dig into a little more, check out the head(s). If I find something wrong withe the heads (and the pistons look good), I can replace/rebuild them.

Does anyone know if the 3.0 and 3.5 heads are the same.

Any suggestions?

 

To get the crank pulley off, you put a breaker bar with a pipe braced against the floor and crank it over. I haven't found any other way. Its really tightened tight at the factory because they had an issue with them coming off. Also use the newer revised bolt, and I've read to use a new bolt each time due to stress fatigue.

 

I've been slow to get back to this - sorry.

I pulled the driver side head and found a couple of the lifters towards the back of the engine were stuck (the side making the noise). I also found that the cam sensor wire was damaged (don't know if it was enough to affect anything). I ordered all new lifters, gaskets, sensors, and a timing belt tensioner. I'll pull the other head and replace them also.
Any suggestions what else I can do while I'm in there?

Any suggestions on priming the lifters? I found in the manual that they should be soaked in diesel... Is this the normal method for these?