Just a brief update on the matter.
Yesterday I topped up with some Castrol GTX and this morning the car started without any tapping whatsoever. I'm assuming if chain is failing it's fairly consistent with it's symptoms. As MarkDj mentioned, it's probably oil not circulating right away, particularly as the level was low. I'll see how it goes over the next few days and keep an eye on the oil level. Unfortunaly the car has been doing too many short runs and most days hasn't even warmed up so I'm sure that's not helping.
A good excuse to take it for a blast somewhere this weekend I think.