True. In fact, lifters (and a host of other internal engine issue noises) will usually be the loudest right after a cold startup, before the oil has time to fully circulate and dampen any clanks, ticks, and rattles.
I was hoping that my noise was an exhaust leak as well but, after taking the exhaust and intake manifold off and re-installing with new fel-pro gasket, it sounded the same...so I'm in the process of replacing the engine

. Good thing I budgeted for that