My '90 gets a rather horrendous sounding 'clacking' from the valvetrain every once in awhile. It's done it since I bought it at about 80K miles. It's only ever done it after I hammer it up to (maybe even past) redline, with the limit getting lower and lower as it's gotten older (about 160K now). It is definitely coming from the valvetrain, and not rod bearings (for me), and it tends to be easier to 'trigger' if I'm a little low on oil.
Of all the opionions I've gotten, timing chain tensioners seems to be he most plausible. I'm not saying that it's not the rod bearing's, but it could be these. I believe they're filled with oil, and can, lose their 'prime', for lack of a better word. It takes awhile for them to pump back up.
I get the clacking noise very briefly on startup (less than a sec, just immediately after the engine fires), and after I've driven it really hard. It will stay that way for about 10-15 minutes of normal driving, then the noise goes away.
While I've heard bad rod bearings in other cars, I haven't heard them on a SHO. But, IMHO, my noise is _not_ rod bearings, this is definitely coming form the top of the motor.
If your cam chain tensioner has totally failed, you've got a cam chain bouncing around in there, and it will make a helluva racket.
My $.02