I've transplanted an '82 302 from a Lincoln Towncar in my '77 F150. I just replaced the cam and lifters with an Edelbrock 2122 set due to what I thought was a lifter tick. Well, the new one makes the same noise. I've replaced the exhaust manifold gaskets as well, checked for leaks, none.
With the passenger side valve cover off, the tick is coming from the #4 cylinder exhaust valve from what it sounds. I have great oil flow from every push rod and rocker arms are all tight. The tick varies with rpms too. The rocker arms are not adjustable, anybody have any ideas?
I'll try to upload a video this afternoon.

 

Not sure why you'd take a step backwards with replacing a 77 motor with an 82. The 82 block is missing 16 lbs of iron vs the 77. My guess would be a leaking head gasket due to the thin decks on the 82 block.

 

Well the motor I chose to replace a 300-I6 that wouldn't maintain a good seal between the head and intake and exhaust manifolds wasn't really what I was looking to debate.
I have no indications of a head gasket leak in my oil, coolant, or compression tests, but thanks for the input on that.

 

If there's a ticking sound that's exhaust leaking, it won't show in the oil or coolant. Clean the area along the gasket on the outboard side then look for leakage there to insure it's not the gasket leaking. You asked for ideas, this is mine based on that year's deficiency in the iron content of the block and it's propensity for leaking head gaskets.

 

Found the problem, it was a worn rocker arm pivot on #4 exhaust valve. I have about 1500 miles on it since replacement. I'm guessing it was caused from the bad lifter.