Check your ignition timing, it may be too advanced and that is what is causing the ticking. 12 degrees is a good start. And, the oil squirting out of the lifters is probably to lubricate the valves, thats why you have baffles and the like in your valve covers. It "catches" the oil and lets it drip back down on the valve gear. Check to see if you have any valve clearance between the rocker and the valve, it should be 0.