I listened to it and the only thing it sounds like to me is a metronome. I can't think of anything in the percussion deptartment that would give that exact sound. Could be, but I haven't a clue.
It's keeping perfect time as far as I can tell with the exception of missing one beat. I think it is missing from the studio editing etc. Could have been a little mistake that had to be dubbed over and they probably did not need to use the metronome for the retake. Now I'm really sticking my neck out.
Anybody want to wager what this sound is? Surely someone can find out what it is.
Titan, Lightfoot has used a metronome every single time I have seen him in concert for the 12 years or so. His foot. He doesn't have to worry about leaving it in a hotel room and if it breaks, he's got another.

Seriously, he needs something to help him keep time and an experienced musician can use his foot without screwing up his time!
Rebecca, I know what you are going to ask. Yes, Lightfoot did tell me this. Not directly though. I have a bootleg from the early '70's where he tells the audience of using his foot to help him keep time. Sorry, no adventurous story for this one...