When using 5W-30 Mobil 1, I noticed the same on my engine (very faint tick with engine cold). It will not hurt the engine, provided you don't do any high rpm revs with engine cold, to be on the safe side.
It doesn't bother me and it's so faint most people wouldn't notice it, again it goes completely away once engine is warmed up. You can use an additive in the Mobile 1 for lifter noise (I'd only use 1/2 can), or use 3 quarts of 0 or 5W-30 Mobile 1 and 2 quarts of 15W-50 as a possible solution. Again, it's really a matter of just how much noise your's is making.
Just a note: The Corvette Z06 guys even complain about lifter noise on cold start with Mobil 1, 5 or 10W-30, if that make you fell any better! 
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0 to 75 Audio http://www.cartsys.com/fiero/cal-engine.wav
[This message has been edited by California Kid (edited 06-21-2004).]