Ok... first off... you have vanos problems... actually, I should say... vanos noise... your vanos still works fine.. (most likely)... but the chain is just rubbing a little bit due to a failed or weak chain guild.. Dont worry about that.
As for the ticking... that is normal for M3s... actually BMWs for that matter. Seeing as we have the added great thing called hydralic lifters... and such... its ok... this noise will get louder if you had just started the car and the oil level was not at what is is meant to be at. Resulting in about ten to fifteen seconds of ticking due to an engine that does not have a full oil level. It takes time to pump that oil up to the valve sprays.
Other than that... it sounds normal... If you think its horribly loud... take it to a shop that knows more than we can tell you over the internet.
Good Luck my friend,
1997 E36 M3 1990 E30 325i