I have a 1988 honda accord that has started making a ticking/knock sound which I can hear just inside the valve cover right next to where my timing belt is. It's quite loud when I first fire it up and then reduces to a almost inaudible tick. Any ideas?

 

I'd check the valve lash first.
A sound clip would help.

 

Yeah check your lifter valves. Could be a lack of lubrication, have you changed your oil recently? Do you use the highest octane gas available? Your lifters could just need a bit of tlc. oh, also, Have you overheated recently? Possible the motor overheated and warped the piston heads slightly. When a motor overheats it expands the heads passed their factory settings and when they cool down they are not the size they need to be. lets hope THATS not the problem. bit expensive if you havnt figured out how to do the work yourself. but thats what these sites are for i guess haha.

 

As said by Pyroproblem, valve lash, as the engine warms up, the lash is smaller due to the metal expanding while the engine comes up to operating temp.

How many miles on that gem?