Tranny Noise 1988 K5

[Irish Wake]

I noticed a noise with my '88 K5 5.7 Auto/Overdrive. When in park it sounds normal at idle and higher speeds. When you put it in D or R I hear a ticking noise coming from underneath the truck. It sounds like a valve tick or an exhaust leak. I don't think it's either one but I hoped someone might have an idea. Thanks

 

[Irish Wake]

This truck came with a 2.73 rear end and has 31 10.50 15 tires. The TC keeps locking and unlocking almost everytime you push the gas. Is this normal?

 

[Leper]

Does it get faster when engine rpm goes up?

 

[Irish Wake]

I haven't driving it and tried to listen. You can only hear it with the door open, I haven't been able to hear it while driving.

If I said No, what would it be and if I said Yes, what would the answer be?
Thanks