Update #3: Ok at this point i went with a complete Rebuild. I did research for those that have any kind of knocking and it's coming from the top end. I went to a find friends junk yard and we decided to open 9 engines. all 4.7 from 2002 to 2006 with a range of 89,000 miles to 167,000 and we found 6 out of 9 engines with the valve seat hanging from the valve most of the heads were not in any condition to be rebuild due to slight crack between the valve. I called a couple of buddy's of mine at their machine shop and they inform me that Dodge 3.7 4.7 and 2.0 and 2.4 have valve seat problems from factory. They have come accross many heads from dodge with my problem cracked lifter bores due to valve seats putting pressure and not letting the valve close and cause the rocker arm to become loose and fall out or jam it self between the lifter bore or cam. The ticking don't always sound or last after warm up well i recommend to remove the valve cover and take a close look and be sure before it becomes a problem. I decided to get new heads and get the weak designed updated with improve parts and valves seats so the engine was completely rebuild with new parts and bearings. I am not saying all the knocking can come from this problem but atleast your inform that it might. I think It would of been a good idea to feed you what i learned to help you all.
I know some of you might agree and some don't but i know many need answers like this one to sleep better at night. Ill keep you inform of what else i do.