Thanks everyone for contributing.
The engine in question is a 1998 BMW M52 (2.8L I6) that's extremely well cared for and has about 127,000km on it. The noise in question generally only occurs when the engine is partially warm. In the summer, coolant temps ~30-50C may do it. In the winter it's a similar range but cooler. Let's say from about 30 seconds after start to 120 seconds, or when restarting while still lukewarm but significantly below operating temperature.
Last summer I decided to ARX it, partially for the heckuvit, partially to see if I could silence this assumed lifter. The car previously ran on M1 0W40 and the tick was audible but didn't stand out. I used Esso XD-3 15W40 HDEO as my ARX clean and rinse oil. Immediately the tick became prominent, not because it got louder but because the rest of the engine got so much quieter. I'm a believer in the M1 noise issue now, BTW.
Part way through ARXing, I noticed that this sound was coming and going. TICK TICK TICK tu tu tu TICK tu tu TICK TOINK. I figured maybe ARX was working. By the end of ARX it was much quieter. Nothing was ever really evident far off of idle or when thoroughly warmed up.
I now use GC w/ LC-20. It's winter here, so I don't spend a lot windows-down time but the other day I noticed that the tick was noticeably clearer again, and possibly happening for a longer time in a wider range of temperatures. With the way it consistently occurs in certain temperature ranges I starting wondering about piston slap as a possibility, although it's only one cylinder doing it, which led to my question.
I may try the injector disconnection method to try to find if it is slap or lifter. I didn't like the plug disconnection method because of fuel washdown. It might be tricky to get through the whole process while the sound is clear and before it stops on its own.
Cheers,
C