I'm pretty sure you just have an exhaust leak, but for your amusement heres what I went through with my last boat. It had that same tick (BBC, pass side of motor) I checked the exhaust, no leak, no cracks. So I checked all the valves, it needed it anyway (because I didnt set them) but no loose valves. Fired it back up and it had the same tick.

Finally tracked it down to the intake, yea, the intake. It was an EGR intake with a plate over the EGR ports. Whoever made the block off plate used a piece of material that had a small hole in it, so they threaded a screw into the plate, the screw fell out and caused the leak.

Just goes to show you, you never know what someone before you might have done, so check everything.
