No, its the top cam chain ajuster. 2Ts don't have a top cam chain, just a single bottom chain held tight by oil pressure (very similar to K motors). 2T-Gs have a similar bottom chain controlled by oil pressure but have a 2nd sprocket on the standard pushrod camshaft position which is filled with a dummy cam (having only fuel pump lobes, or none on the EFI models). This 2nd sprocket is to drive the top cam chain to drive the camshafts. The top timing chain has to be ajusted manually and correctly (i.e. _not_ as tight as you can get it. I don't know exactly how to set it caws I don't have one). Its possible the noise this guys hearing might be the top cam drive over ajusted, but it could be plenty of other things.
I _might_ be able to find a cam drive ajuster, but it might take some time......