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The ticking would be the VLA's (Variable lash adjusters.?)
There are posts about replacing them, might as well redo the valve guide seals too. (yours must smoke and burn a bit of oil? typical) I got mine off ebay for around $60
Or you could just leave 'em! It's more annoying than anything.
Here's a seal replacement thread (http://www.4x4wire.com/forums/showflat.php?Cat=&Number=728034&Main=679888), The VLA's are the things with the little holes in them above the valves in the picture.
Good luck!



Mine doesn't burn any oil... However, the guy who rebuilt the engine might be one of those "my arm is a calibrated torque wrench" guys who didn't tighten everything down to spec- we had to take it back once because the valve covers were not torqued right and it was weeping oil. I'll check the VLAs- thanks!

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95 Montero SR - 207k miles, rebuilt @ 146k
Stock. Longview, Texas
Ithaca, NY for the summer of 08.