Well lets give this a more through look.
What you described as Valve Train noise
would be an internal sound, piston slap and
wristpins have this similar internal noise,
wrist pins would be more of a single knock
as the cylinder fires, where as piston slap
is all cylinders (usually) from wear and would
sound more like the valves loose.
You can pull a sparkplug wire, and run the
engine, if the sound goes away, it could
be a wristpin or a bad rod bearing, if the
sound stays after warmed up try this one
wire at a time and drive a short distance,
it will run like crap tho with one wire off.
Rods are more noisy when warm, as the
oil is now thinner and offers less cushon.
What weight and Brand oil are you using?
An exhaust leak on the other hand is an
external noise, and sounds like, well excaping
exhaust under pressure, air excaping sounds.
Piston slap is a sort of loose fit of the worn piston
until it expands with heat and fits the bore better.
remember these engines are Aluminum, with steel
cylinder sleeves, so it takes a few min of driving
to get all warmed up.
If after you are all warmed up, engine at norm temp
and the sound is still there, it could be somthing else,
but you described that it goes away when warm.
You didn't say how many miles you have on the engine,
this would help to pinpoint normal wear, or another
problem that could get more serious, like a hole in the
engine block,

:-/
Good Luck with finding your noise,
Darrin