Lifter? Don't think they have such. I never tore into my 10, but my 20 didn't have them. Cam lobe? 1500 hrs, doubt that too. But due to the age, you probably nailed it that it is a roll over.
On a cam lobe, it would be worn off on the top and the rocker for that cylinder wouldn't depress that valve as far as the one adjacent to it did. Other thing, if a lobe, with no lifter, when you set your gap, you set it to the worn lobe so I would forget that.
Might have a weak spring, crud on the valve stem/guide, or an irregular metallic interface that could be caused by the rocker and stem not being in proper alignment. The rocker would be the problem and the valve could slip off the ridge and smack the non-ridge and make a tick.
If interested I could walk you through the process for checking this out with the head intact.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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