An exhaust leak would vary frequency with engine speed, as would the rotor, injectors, spark plug wires, etc.
Do all electrical components function right? HV(AC), horn, headlights, blinkers, cab lights, wipers, etc? Is it inside the cab or in the engine bay? Could you use the old rubber hose stethascope trick to pinpoint it's location closer?
I had a ticking relay whenever I'd honk my horn in my old '79 and it turns out it was my horn control relay way up above the steering column was dirty. Pulled it out, cleaned the contacts and it worked up until the day I sold it.
In your case, if it is in fact a relay, you should be able to pinpoint it by touching it and feeling it clicking while it's doing it. When you find it, shut 'er down and pull that relay then start it back up and see what happens. If the ticking stops take the dead one into any auto parts store or radio shack and put it on the counter and say give me a new one of these
Good luck
-Mike