The first thing I would do is a compression check and see if you have weak cylinders.If no problem is found next remove the valve covers and see if you have any weak lifters.It is also very important that your oil level is correct. If the level is to high or low it can cause this problem.I would also check the oil pressure,it should be 30-80 psi at 3000 rpm.If the pressure is low you may have a clogged oil pick up screen.Please let me know what you find or if you need more assistance,Don
After some more time under the hood I did find a manifold leak looks like the gasket is shot also, my oil level is high. I was wondering if this problem can also be a vacuum issue?
Any vacuum leak can cause a problem. From what you are describing I would change the manifold gasket and adjust the oil level to the correct amount.To much oil can get air into the oil causing the lifter to bleed done and cause the ticking sound.This also can cause the high rpm loss of power.
I will be gone for a couple of hours but will check back later today if you need ant more assistance,Don