Classic/Antique Car Repair: clicking noise

Question
I have a 1977 Thunderbird that has started making a clicking noise coming from the engine. It isn't constant, it sort of comes and goes. But it is always there when I first start it in the mornings. And it is there no matter the gear it is in.

Answer
This question does not have an easy "one answer fits all" answer. There are several thousand rotating, moving, rubbing on each other parts in the engine that could be causing the noise. This pone is going to take some 007 detective work to find. When looking for noises in the engine compartment I usually get out my mechanics stethoscope and narrow down the area of the noise. And then there is sound of the tapping such as it a light tap tap or a more solid tap that approaches a thump. This gives a clue as to whether it is a tapping valve lifter or a solid bearing noise. But I would first narrow down the location to eliminate the water pump, alternator, steering pump or drive belt. Then of course is it speed related. If it is not speed related than it could be a rattle under the hood somewhere, but it will require use of your ears to located. I can guess but that is not the way to diagnose this problem.