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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
Kinda hard to tell without hearing the sound, unless theres a pretty good description of it. Some people describe detonation / pinging as ticking. Could also be noisy lifters, valves, etc.
is it only when you accelerate? sounds like a header bolt backing out. With the car running and the hood open, gently (no loose clothing) see if you can tell where the noise is coming from. the top of the engine? the side? is it from under the car (TO bearing maybe?)
I can see that as a possiblilty. That's the problem with my friend's LT1..bolt actually snapped. But that's a pretty loud sound and sounds more like a rapping or tapping more than a ticking.