Thanks for the prompt replies, Dezoris and strat61caster!
Even with headphones on it's hard for me to make out what noise I am hearing in the Vortech FR-S Track Testing video at 3:15, but I'm assuming it's the same thing as in this under-hood clip you guys pointed me to, which sounds about right: [ame="https://www.youtube.com/watch?v=g8nnFeP7ib0"]Frs/Subaru Brz "tip in knock"? and VVT sound - YouTube[/ame]
I havent mic'd my car under the hood to record the noise, but even from the driver's seat it sounds similar enough that I'm pretty sure that's it. Glad to hear I'm not the only one encountering the sound... owning an E36 really got me paranoid about expensive valvetrain failures!