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First off, which engine is it? If it is only doing the ticking when the engine is warm, it may actually be a weak oil pump causing the problem. Also, if you don't know any history of the engine you may pull the valve covers and find out you have a worn rocker arm or pushrod end squished. Dirty oil can cause this, along with low oil volume, the number 7 and 8 cylinders are the most likely to be the ones ticking, they get oil last.
 

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Yeah, things do wear out, even on the older and more durable engines like the 318. If going to the time, which TWX mentioned, a cam and lifter set, along with a new double roller timing chain (they last longer), is worth the effort. If going to this amount of work, it is also just as good an idea to refresh the whole engine, with rings, bearings, oil pump, valve grind. The engine is 40 years old and as such, putting too much stress with a new cam may be worth the extra cost of the new parts. There are engine kits which keep the cost down, and then you wouldn't have to worry about anything for many years instead of waiting for the next thing to be stressed with a new cam and lifters, then keeping them in order, etc., after having to pull the engine to rebuild the rest. If you are going to restore the car, or restify, decide if you want to keep the original 318 and redo it, part of that restore/restification process.
 

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That's fine, stick a stock 340 cam out of a 1972 era grind and you will be good to go for a little more power without sacrificing anything at all.Do the timing chain, too, it is probably shot anyway.
 
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