Its probably got one dry lifter,that might take a long time to pump up--if it ever does..Marvel Mystery oil is what I trust most to "fix" sticky or collapsed lifters..tranny fluid isn't much different really,though it may have friction additives which I wouldn't want in an engine..you can add a quart of Marvel ,even more,and not harm anything...(I know a few guys who ran 5 qts on old antique engines that sat "forever" and they lived,it cleaned them up good too,but it was a huge risk to take!)..it has high film strength,despite being so "thin" in viscosity...you'd be better off with diesel rated oil if it has flat tappets,not a roller cam,more zinc in it will prevent the lobes from dissapearing ..
When I have been present at my friends shop,when he's just finished installing a used engine from a salvage yard and he fires it up for the first time,I have seen it take a half hour or more to get all the ticking noises from lifters and valves to finally go away...some go silent,then clatter away again the next day after a cold start for several days...eventually they all stayed quiet on the engines that seemed to take "forever" to quiet down...
I would say as long as you see normal oil pressure it wont hurt to run the engine with a lifter or two clattering,but it could kill a cam lobe eventually perhaps..it could well be an exhaust leak as Sweet K30 suggested--cracked exhaust manifolds on a chevy sound almost identical to a bad lifter...