If not what will?

new cam and lifter set... and even then there's no garauntees there isn't a valve or rocker ticking.

Are 4.0's are notorious for lifter ticking. I use marvel mystery oil at every oil change and that does it for me. It definitely wouldn't hurt to run some seafoam through it, you'll notice better throttle response and idle by seafoaming it.

Is it lifters or the wrist pins in the pistons? At 227k on my 4.0 it's pretty noisy all over. I run 20w50 oil in mine this helps some, but still sounds like a 6.5L chevy diesel at cold start up.

Mine just started this, im gonna try seafoam and oil system cleaner.

I've done the fuel seafoam treatment on my 94 XJ with 244k now, as well as the throttle body spray treatment. My lifters are noisier than ever, in the fact that it removes carbon deposits, and cleans parts. I'm banking the sludge and what have you was removed and doesn't dampen the sound any longer. Sounds like a diesel big time. I LOVE seafoam, my Throttle response is fantastic, the injectors are cleaner, it idles better, etc. So, do the treatment, but your lifters will probably be noisy still.