bad... bad motor sounds, figures... Options

[brant]

anybody have any ideas of what I should suspect or inspect...
I started the car up to drive to work.. probably a bit cool and maybe 60 ambient.

drove easy for 10 blocks...
easily going down the street, maybe 30mph.. probably 3rd gear.

suddenly a bad metalic tic noise.
not speed dependant, but definitely rpm dependant
sounds exactly like an old tired chevy with a stuck hydrolic lifter on start up.

pretty loud...
tic.. tic... tic...

slows down when I push the clutch in and rpms drop.
I pull over and pop the old oil bath filter off.. sounds kinda like its coming from the center of the block (not the fan as I was hoping). noise is regular but slow at idle.

I shut the motor down and feel in the fan area, but don't feel anything bad (no lost screwdrivers)

drive home easy.
when I get to the drive way I push the clutch in and blip the throttle for the first time.
noise actually kinda goes away which doesn't make much since...
I grabbed the focus, and get to work late.

I won't be able to do anything until next week now, but I thought I would do another valve adjustment (200miles since the last one). Also thought I might cut the oil filter open, and feel the fan belt well in case it is splitting or something (not likely)

what do you guys think it is?

Its a tired 1.7 djet motor that I finally just got the FI working after 3 months of learning.
its only been runnin about 200 miles on it since may.. damn.. when it rains it pours.
(1st gear is gone, tranny is a piece of junk, and now I think I've blown the motor)

fixing this is serioulsy going to cut into my race car project if I touch it.. I might just park it until next year... damn....

what should I check for fellas?
brant