Found out that the cams themselves seem to have excessive wear on the bearing surface and found alot of magnetic material in the oil. Wonder if these cams were not hardened properly. the head cam journals don't seem to have any damage.
I just purchased this Mazdaspeed 3 - Lets take a stab at this noise issue. - Joined so I can share the progress.
Pulled the motor over the weekend and got the timing cover off. Everything looks good - no visible damage other than the evidence of the chain hitting the cover previously mentioned.