Clacking sound from front right: 2003 V Star 1100 Custom

I just bought an amazing 2003 Yamaha V Star 1100 Custom, and I'm noticing a not-so-nice sound. At different idles, it makes a clacking sound, which I hear in front of me to the right. There seems to be a "sweet spot" in the throttle where it stops making this noise - not too low rpm, not too high... very strange. It tends to happen more when the bike isn't yet warms as well. With the clutch in, it doesn't make the noise at all - though I haven't tried revving the engine in neutral/clutched.

I was originally thinking it might be the Kuryan Hypercharger air intake flapping around, but from what I've seen on here, I'm wondering if maybe it's an exhaust leak?

It sounds like a high-pitched slapping sound - which is why I thought it might be the hypercharger intake. "Clack" is really the best description of the sound - not a "put".

Any help? Any idea as to how much I'm looking at for fixing it if it is an exhaust leak or otherwise?

Thanks!