As for the ticking sound, check your exhaust manifolds to see if you have an exhaust gasket leak. Sometimes, they can sound like a lifter tick.

As for the comment about the freeze plug replacement, its a great idea. Be sure to pickup brass deep cup freeze plugs. They tend to outlast the block. You will need 1-5/8" plugs for the engine block and 1-1/4" plugs for the cylinder heads.

When changing the timing chain and gear set, you will need to purchase a timing cover gasket.