I work with alot of f-250 5.4 litre ranging from 1999 to 2004 the tick your most likely hearing the one of the two timing chains slapping around in the timing chain covers. The chain attaches to the crank and then to either the left or right cam. There are per side a hydraulic tensioner and aplastic guide. What happens is the guide brake from either age or heavy load. The fix would be to replace the guides. but with 150,000 milesw maybe you should replace the chains as well. There are kits that include all the parts........ Hope this helps Kenny
More then likely it is your cam phazers these are a trouble spot on these engines
The 2004 Ford F-150 has a V8 engine.
The 2004 Ford F-150 has 16 valves.
The 2004 Ford F-150 is a gas-powered vehicle.
The 2004 Ford F-150 has a 4-speed automatic.
The 2004 Ford F-150 runs on regular unleaded.
The 2004 Ford F-150 has single overhead cam (SOHC).
The 2004 Ford F-150 is 17 ft. 7.5 in. (211.5 in.) long.
The height of the 2004 Ford F-150 is 6 ft. 0.8 in. (72.8 in.).
On a 2004 Ford F-150 : ( H9 is a 3.55 limited slip / Ford Traction Lok )
The 2004 Ford F-150's turning circle is 41.8 ft..
The front track of the 2004 Ford F-150 is 5 ft. 7 in. (67 in.).