I thought so too. Why I stubbornly went back to the Ultra 3 different times to make sure it wasn't just a one-off issue. Same results. More noise at startup.. lifter ticks, some slap, etc. Last time I removed the Ultra the following day to check the ADBV. Had at least 1/2 qt before the filter after sitting overnight. So I'm done with the Ultra on this engine.
Also noted this is a recent problem. Used the Ultra for a couple years on this engine. Never noticed anything before.
Easy test: Try a different brand of glass media filter like the AMSOIL EaO, Royal Purple, WIX...etc. It may be an ADBV design on the Ultra that simply does not seal well in your application period. These other filters have a different design in that department which may make a difference.
The Ford Modulars were notoriously sensitive to ADBV sealing and I personally, with a glass media filter (Fleetguard Stratapore) experienced significant start-up noise that was mitigated by using a different one (AMSOIL EaO).