Alan, I believe that 1986 engine has a timing chain, or a duplex timing chain which you should be able to see or feel through the oil filler cap as its right at the very front of the engine. This double chain has a very long life normally and you might find that the wear starts in the chain tensioner [hydraulic] or in the slipper pads or in the guide rails. On starting from cold, how long before the little ''ticking'' nosie stops ? You might have a small '' inspection'' plate on very front of the block.
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Ponton-Jet.