First post here. Be patient.
I had a similar problem recently.
Bought a 06 5.3 Vortec. (My second Tahoe, love them)
Oil pressure would hover around 10 at idle, (40 at best after warm and acceleration.)
Would drop dangerously lower than 10 sometimes.
Tick would come from the same area you mentioned randomly, but not until at least 15 minutes driving.
One mechanic checked it out, couldn't duplicate, changed oil and sent me on my way.
Few days later, at 70mph, heard the ticking at really fast, short frequency.
Immediately took it to another mechanic for second opinion.
He wanted to change pump, but in the middle of the job saw that the pickup tube o ring was cracked. Changed that instead.
Truck runs perfect. 40psi to 65 psi.
Ticking gone.
Not sure about the coolant issue, but your oil pressure/ticking sounds very familiar.
It was at 198,000 miles when this occurred.