sticking lifters
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What it sounds like though is the lifter collapsed or something happened to the pushrod to scar it ie over rev. With the rockers off, you may be able to feel movement in the pushrod like basically you can push it into the lifter cup and it will give a significant amount over the other lifters. At this point, you are pulling the head to change the lifter.

anyways, does the ticking go away after the car has warmed up?
if it does, thats good news, and some seafoam should fix it.. if not, then you will have to replace the lifters.
a month or so ago i got a really nasty ticking, it was very loud, and everyone was telling me the lifters were bad etc. it quit all of a sudden, and hasnt come back since, so i take it that something got stuck in the oil passages and it finally worked its way out and let the lifter pump up






