Normally on a Z4, a Vanos problem does not manifest itself as ticking... but that could be a new symptom. :idunno: It is normally a gear groan or high oil flow noise.
Personally, I would stay away from a full engine flush. Way too radical for BMW's. Our engines stay very clean with regular oil changes. When I performed my Vano's O-ring replacement at 50K miles, (
http://www.z4-forum.com/forum/viewtopic.php?f=2&t=3600&st=0&sk=t&sd=a&hilit=Vanos#p51017) the valve train was very clean and little to no varnish. That being said, Curtis might be correct and you
might have a bit of dirt in a lifter that has not been flushed out.
One of the best ways to flush any crap internal to the engine is a product called AutoRX (http://www.auto-rx.com/index.html). It slowly dissolves the sludge and varnish that is then trapped in your oil filter. But using it with our synthetic oil takes longer.
Where does the ticking come from? What area of the engine?