Wow that sucks..... ticking is def. a sign.....
my last mustang, i dragged it.... one day at the track i decided to spray a bigger jet (yes naaaawzzzzz) being my motor what ready to let go (high miles). I spun a bearing and threw 2 rods at the 1/8mile point..... NASTY sound, like a **** machine gun was let loose in my engine bay. Not to mention i had a hole the size of a silver dollar on 1 side, and another hole the size of a baseball //content.invisioncic.com/y282845/emoticons/eek.gif.771b7a90cf45cabdc554ff1121c21c4a.gif in the other side of my block //content.invisioncic.com/y282845/emoticons/blackeye.gif.66a1670f5aaf7f406e783a63e3387dc5.gif
best idea for you... do a swap, find something used, rebuilt, or possibly OEM New.