My 62 had me concerned about the same sound. Mine was a small exhaust leak to some extent but also after hanging out with some Cruiser guys I have found that the ticking I hear from my 3FE is pretty normal. Just like a sewing machine. tick tick tick I will be adjust the valves at some point to see if it helps. I'll let ya know. Welcome in to a long long journey.
Thanks guys I really appreciate the help I will try adjusting the valves and let you know! I was kind of wondering if it was supposed to sound like that. I know some of these old toyotas sound a little different. Ill keep you posted on how it is.