Ok, so I have a tick and I think it might be a lifter. I have a engine buildup underway but I am no where near completion (Maybe next year?) So I need to keep the little 305 alive for a while longer. Assuming collapsed lifter how bad is the damage? I know I would obviously have to replace the lifters, cam, push rods and rocker arms but how much damage can a collapsed lifter do to the block? (I dun wanna take it out yet) Also, I have an 89 RS TBI setup, what kind of cam am I running? (Hydrolic flat tappet?) And one last question, since I am considering replacing this stuff for now (Keep it alive!) can the stock valves/springs work with those cheep stamped steel roller rockers? Like I said I am building a 350, but I want to keep this engine for a year or so and just "freshen" it up a bit with a mild cam.

if it goes it goes..

if it does get yourself to the yards and pull a new one for around $100-$200
i suggest not from a camaro but more so a van or wagon
$200 is a COMPLETE motor, also add in the core to the price.

Still don't know exactly what a "collapsed lifter" is, but if the ticking is being caused by a lifter that isn't quite doing what it should, most likely it's from dirt. Try changing the oil and putting a quart of ATF in place of one quart of the engine oil, run it for awhile (week, maybe), and change the oil again. If the lifter is gummed up, that should free it up.

Hydraulic roller lifters (if stock).

Yes.

I wouldn't bother. Hydraulic roller cams are about 1.5x the cost of flat tappet (but worth it if the rest of the combo supports it). The good news is you can reuse the stock lifters if they are in good shape. If you replace the cam & lifters with the cheaper flat tappet type, you also need to change all of the pushrods and timing set. Without other changes (such as exhaust), cam upgrade won't do much for you.

Thanks for the reply, that was pretty much everything I wanted to know.
I will give the ATF fluid a shot.

On another note, you said that roller cams are not worth that much.
I have a seasoned (magnafluxed OK) 76 4bolt 350 block that does not support roller cams. I was considering using one of the roller cam conversion kits or having it machined to accept an OEM style roller assembly.
Either way is not cheep, do you think the benefits are worth the trouble?
Remember, I am going for a smog legal swap (Equivalent to an OEM 350 TPI with smog legal bolt ons) and every little thing I can do to reduce friction and so forth without making more emissions is more ponies.
That being said I am also trying to do this on a budget and I am looking for the best bang for buck.
Do you think I should go for the roller or concentrate finances elsewhere?
Thanks,
Seth

Okay, I misread about your 350, thought it was a later block.

I wouldn't bother doing a roller conversion on a pre-roller block for a street car. A serious race car is a different matter.