The lifters are not adjustable on that engine. The only adjustment is replacing parts. It probably has some worn/loose rockers or valve stem caps. The Rockers are held on with a nut that should be snugged down to 18 - 25 ft. lb (
Don't over tighten , over tightening will cause excessive wear on the rocker.
Do not udertighten that will make the rocker too lose and it won't operate the valve stem properly plus it will be noisey.
Use a torque wrench). To check the valve stem caps, (these are only on the exhaust valve stems) and the condition of the rockers. Remove the nut holding the lifter on (
only do this when the lifter is not putting pressure on the valve stem), use a bump switch to turn the engine over untill the valve is in it's resting position). Pull the rocker off, (they may come off hard, that is just due to having been on for years, pry it off if necessary using a screwdriver for leverage and look for excessive wear on the surfaces that make contact. Check the valve stem cap for wear, (Both parts are easily avaliable either from a good parts supplier or a Ford dealer). I got my caps from a dealer and the rockers, which includes nuts from a parts store.
If you replace any parts , prelube the surfaces that make contact with polyethylene grease. This will prevent wear caused by dry startup. All this can be done without removing the heads. You can actually replace all the parts without removing the heads with the exception of the valves. However, doing the springs takes a little proceedure to prevent getting into trouble.
If, after you take care of any wear problems in the rocker area, you still have noise it could be tappets or worn push rods and that is another story not covered here.
Just don't mix the push rods up, if you pull one out to look at it, put it back in the original hole.
You mentioned a service manual. If you plan on doing most of your own work, I recommend you get on ebay and see ifyou can locate a genuine set of shop manuals for your year truck. It will cost you about $125.00 bucks for a complete set, but well worth the investment. Then there is the Readers Digest version but not nearly as complete called a Chiltons or Haynes. I have the Shop Manuals and Electrical & Vacuum Troubleshooting Manual (EVTM) for my year truck, plus the complete parts catalog (two volumes) that covers 80 - 86 Light Tucks. The EVTM is the single most valuable book I have for trouble shooting those kinds of problem.
Good luck and good wrenching,
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