I'm not exactly sure if the 5.0 and the 5.7 were exactly the same those years, but I had a Vortec 350 in my 98 Yukon. It had hydraulic roller lifters. I don't ever remember them being noisy and I always used Baldwin filters on that engine. When it had a lot, like 175,000 miles or so, I replaced the timing chain and it went back to running perfectly again. I sold that truck to my brother and I think he ran it almost to 290,000 miles before selling it off.
It's been a while since I wrenched on one of those last but I think the rockers are adjustable. They were self aligning so not cross compatible with old school chevy rockers.
I would have popped the pan off any used engine and probably put a timing chain and oil pump in it before putting it in my truck, but I'm silly like that. I agree with the guys before, try a good quality filter and see if that quiets it.