Mine makes the same noise from the same area as you describe but maybe not as loud. It comes a goes. I think the weather has something to do with it. I have 229,xxx miles on it right now. I would be interested in what you find. 

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Randy...sorry to hear about the accident. Hope all is mending well. Somebody cut you off? That used to p%$& me off as some car driver could be looking square at you and not see ya and pull out...
At any rate thanks for posting up the pic of that ugly looking slug. Sort of makes me worry about my engine as I think it was heated up when the previous owner had a small garage do the timing belt and perhaps failed to refill and bleed the coolant or something.
Did this engine just tick or did it use any oil, foul plugs in the 2 bad holes??
Thanks also for the comment that the parts to rebuild $ would be better spent buying a used engine. Too much to even do a cheap rebuild on replacing 2 pistons, rings and sleeves/liner or can a guy replace them in the 5vz?
Get better soon!
Sorry to hear about your accident. I hope you are doing better. Also, thanks for posting the pic and your findings. It does make me worry about my ticking noise now. I hope it's nothing like that!
Randy...How is the healing coming? Have you got an engine back in your runner?