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 - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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