What you have circled looks like the fuel pressure regulator and it's probably ticking because the fuel injectors are causing fuel to slam against it when they close (kind of like water hammer). Some cars have fuel pulsation dampners that are installed to soften the pulsing of fuel when the injectors close. I'm not sure if the 3.0 has one installed (it doesn't sound like it <img src="/forums/images/graemlins/lol.gif" alt="" />) but the noise is normal.

Milan
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'98 4R Limited
'82 Toy 4.3 TBI sold