[Pampered-Z]

It doesn't sound like you have actual located where the ticking is coming from. You really need to do that first! Either invest in a stethoscope or even holding a long screw driver ( handle to your ear, blade to the motor ) touching various spots on the edge of the value cover would help you zero in on where the noise might be coming from.

Figure out where the noise is coming from and what might be causing it before you start throwing parts at it.

LT1s are know for low oil pressure, so unless it's dropping below 15 at idle your probably OK.

Has the car always been run on Mobil1? Did you switch from standard to synthetic? You might have caused some slugged to break free and it's causing a clogged lifter and it's collapsing, why adjusting the values cure it slightly, slightly clogged oil pickup, or something to that effect.

Start by changing the oil and filter. 5W is too thin for an LT1.
Get the recommended GM filter, WIX are good too, but the GM at Walmart is probably cheaper. Don't use the other brands, that could be part of your issue, LT1s are odd with filters? Move up to slightly thicker oil 10-30 or 10/40. I would do changes ever 500 miles and see if it gets better.

Now this is way out of the box. But since you truly don't know what is causing it. Also check it's not an exhaust or EGR, Airpump fitting type leak. Very rare on later models by 93-94 had issues with breaking the exhaust manifold bolts ( drive side rear, pass side front ) or the air inlet check value stuck. Later models can have ERG/Check value failures and the can tick some times. Start the car and pass a strip of paper / dollar bill sized around the exhaust and fitting and see if you can detect a leak.