Did a compression test again and found 0 in cylinder 2. So I popped off the valve cover and found this:
That would be the rear intake valve and both exhaust valves on cylinder #2. Looks like collapsed lifters. I can push the lifters down more easily and the springs pop them right back up, but not all the way to the cam.
So maybe just 16 new lifters and it's fixed? No metal bits in the head or the oil (I have a magnetic plug from FM) and compression was 185 on all 4 before the ticking became permanent knocking. I imagine the odd knock I was getting now and then was one or more of these collapsing for a rotation or two before pumping back up.

