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Ticking valves?

Hi
In addition to my Pantera, I just bought a 78 Longchamp with the 351C engine. It seems to run fine, but there's a ticking sound. Forgive me, but I spent most of my car-years fixing Chevys, so I thought I could just adjust the hydraulic valve lash by rotating the rocker arm nut, but I can see it's not adjustable.
So I tried looking at the rocker arms while turning the engine on the starter. And one of them, cylinder 4 intake, seemed to move a little less that the other intakes. Then I wanted to measure it, so it was not something I just imagined, by turning the engine on the crankshaft and measuring difference between max lift and the base, but I noticed that the lifters all seemed to bleed down quickly.
So right now I'm not sure what to do? How do I fix this ticking noise? Should it be ignored (can only be heard in the engine room)? How do tell if I have a cam going flat or a faulty lifter?

Any advice will be appreciated, I need to learn Ford fast :-)
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