Sticky lifter

Even my newly rebuilt engines will make a little lifter noise when first started due to not running them but every couple of weeks. Not to worry if it goes away within 20-30 seconds or even a minute or two on an older engine

It goes away warm?  If so i wouldnt worry any more.  Maybe run a ZDDP additive to preserve cam/guides.

They are just spacers and I dont think add to the noise. If you start it up at idle with the cover off you should be getting oil dripping down the sides of all the pedestals.

dkrtgood wrote: I found a new rocker assy on ebay, it's a Clevite part number. http://www.ebay.com/itm/370603998531?ssPageName=STRK:MEWAX:IT&_trksid=p3984.m1423.l2649#ht_1955wt_1139 Again if someone can tell me that the collars in between the rocker arms should not have play where they can make noise?  For 100.00 I can buy this setup and swap it out but if it's going to have some slop like mine it will be of no use.

If that is truly a new assembly for that price you should jump all over it...It might actually tighten up the lash just enough to kill the tick.

When My original engine ticked on cold start I put a pint of atf in it while working on it and moving it around the garage, drive, etc; By the time I put it on the road the cold tick was gone. Marvel mystery oil will probably do the trick if it is indeed a sticky lifter or valve. As others have noted your pressure is good, it quits soon after starting and I believe you said it does not miss. Leave it be for a while. I'd almost bet it will quit with regular use.

BTW, you should not automatically assume it can only be a sticky lifter. A sticky valve that is just a tiny bit slow closing can also be the culprit. Mystery oil will most likely help that as well.