"ticking"... 2WD as you state eliminates the drive portion of the front end (CV's in the half shafts, hubs, etc.)...so...you're left with as stated above, wheel bearing (usually indicated by intensity vs frequency). A cracked race (the thing the bearing spins in) will give a muffled (because of grease) ticking sound (agreed, usually changes sound when turned from lock to lock).
My 94 has a ticking sound that comes from the drivers side of the truck, and has been determined to be injectors making noise during the down stroke of the plunger...both sides of the engine make the noise, but due to the drivers side being relatively open (no manifold to block the noise from the area), it can be heard better on that side...end result? I ignore it.
I ignore a lot of noise coming from my 3.0my god, just because I figure if it explodes...there wont be a whole lot of question as to whether a 350 should go back in. (my justification argument to the wife LOL)...not saying that's how you should veiw it...but?