That ticking sounds an awful lot like a water pump going out. I've see two go and helped replace one and they all made a ticking noise like that. That would explain your rather high cold start temp. Cold start the gauge should be resting at 100, at full operating temp it should be around the hash mark between 100 and 220. Your cold start temp was already on that hash mark. I've also had an Altenator replaced and when it was going it made a ticking noise like that, but your Voltmeter should be reading low.
Another thing that I can think of that would cause that tick is that your oil pump is going out. That would explain the low oil pressure. On start up, my engine is around 60psi for oil and then after it warms up, its around 30psi. Putting the car in gear, revving the engine, and taking rather hard turns will all change oil pressure a little, so that isn't anything to worry about. You need to be running 5 quarts of SAE 5w-30 oil in the engine. That is what the owners manual recommends.
Another thing I can think of that the ticking could possibly be is spark knock from low octane fuel. My engine made a slight tick till I read the owners manual and found out that the engine was supposed to run on 91 octane and higher gas. Once I stopped filling up with 89, my engine ran a lot smoother.
The last thing(s) I can think of that would be causing your ticking is that the AIR pump or AC pump might be going bad. That big black thing on the accessories belt on the right side up top is the AC pump and directly below that is your AIR pump. I've never had mine replaced as far as I can recall, but those are two possible items to check based on location.
My personal opinion on the lifter idea is this: if its going bad, you'd have already noticed it beyond a tick. I've never had a lifter go bad on me, but considering where its located, I can't imagine it going bad and working for much longer after its started to go bad.
It could be your gauges, Third gens weren't known to have great electrical stuff. But IMO, you shouldn't be having electrical problems with that car seeing how low its miles are. I have an 89 RS with 185k miles on the exact same type of powertrain that you do and the only thing that is giving me fits is the gas gauge.
You said that you switched it to TBI from carb after the previous owner had removed the TBI. The more I think about it, the more I think that your engine had an electronic Quadrajet carb on it originally and the owner switched it to a non electronic carb. Some people call any electronic carb a TBI unit. That would explain all the difficulties you had in switching to TBI. The car probably never had any of the TBI systems installed when it left the factory. You'll need to check to see if you got all the sensors installed for the TBI to work properly.
Thats all I've got. Let me know how the bug hunt goes