If your noise is due to a clogged or stuck lifter, then, yes, Auto-Rx will be able to remove the offending deposit causing the noise. It sounds like the case given that the noise retreats as soon as the oil reaches a semi-warm viscosity.
We normally recommend 2 treatments for a vehicle of your mileage. Whatever you purchase, be prepared for some increase in noise as the cleaning process advances. This usually occurs in the rinse phase, but can occur at any point in the treatment. Don't be alarmed, it will pass as passages get more fully opened up. It's due to some draining passages opening easier than supply passages. You'll hear more noise in spite of more oil flow being present.
