First off, I have a 1968 455 out of a olds delta 88 in my cutlass and around 1.5k RPMs and up there is a ticking noise, I am guessing it could be a loose rocker?

Next up, above 2k rpms and when accelerating hard it blows out some pretty bad smoke, but it doesnt seem to be burning oil or coolant. Could it be worn rings?

And lastly, I'm planning on building this into a street/strip car and I have an extra TH400 to put in it, what should I do to it to help it hold up to the torque of the engine? I was just planning on a shift kit and a stall converter.

 

As far as the TH 400 is concerned, it is strong enough in bone stock form. Put the torque converter and shift kit in it and you will be fine.

What color is the smoke, blue or black. It is probably worn rings, especially if it is high miles. If the smoke is black it could just be a misadjusted carburetor.

Try to pinpoint the tick using a meachinc's stethescope. Once you pinpoint it you can remove valve covers to shim the valve train if necessary.

 

The smoke has a slight blueish color to it, but I've been checking the oil every week and it hasn't gone any lower, so could the ring just be slightly worn?