Ive got a 62 merc monterey with a 292 in it. Came up on a little extra cash and want to put it in to the motor as this is my daily driver at this point. Shes got 74k on her and from what i can tell runs pretty strong minus what sounds like a valve job need (that tick tick tick tick sounds when accelerating) I had the carb (2bbl) rebuilt when i picked it up about a year ago. The fuel pump had been replaced,new plugs and wires and went to a electric ignition. Replace the valve gaskets as well. Other than that thats where she stands. I really want it to last let alone run strong. Any tips on where to go from here would be appreciated.
The ticking sound could be valves that need to be adjusted. While you are checking the valve clearance look for bent or worn pushrods.
and make sure the rocker shafts are getting oil, Y's like to coke up the oil supply to the heads. Comes from the center cam bearing bore, like a 3/16" hole middle of both decks through the heads to the middle rocker stands. If it's clogged you can run external lines to lube the rocker shafts.
You might want to check out the Yblock social club here on the HAMB. A lot of knowledge on these engines over there! Link: http://www.jalopyjournal.com/forum/group.php?groupid=159