the lifters do not lift,the rocker arm is under constant tension by the camshaft and use the lifter as a focal point.
the noise and oil is probly from bad valve guides and/or damaged seals.
you say you Had the head machined do you mean they decked the surface?
if so ford say if the head is warped by a few thousands of a inch to toss it and get a new one and do not the surface, this can cause a change in cam timing and maby valve piston interference
98 svt sil/blu 3.0 oval heads full P&P, msds headers,bat kit,2,1/2exhaust 30 inch glasspack and 2 spintech mufflers
14.78@94mph
with my mechanical arm i can shift gears in less then a twentieth of a second for sale $7000
