You have the 3FE motor in your Cruiser.
I have an 89 FL62 and it has the same motor. Mine "ticks" too and I know I should adjust the valves, but I just haven't got around to it yet.
If you are going to wrench on your Cruiser youself, the first thing I'd recommend you get is the Factory Service Manual. They are spendy ($80 or so) but worth every penny. There is no comparison to the Hayens or Chilton manuals. About the only thing they are good for is the recycle bin!
Anyway check out the IH8MUD forums (
www.ih8mud.com) for info on how to do the valve adjustment.
Here is a link to go to for a place to start;
http://forum.ih8mud.com/search.php?searchid=2504082
Good Luck!