Do I need to adjust valves with hyd. lifters?

Depending on how high you rev the engine, and how soon valve-float begins;
I set my preload on the low-side so that the lifters cannot pump up and drive the valves into the pistons. The penalty is periodic re-lashing. No big deal to me and after two or three adjustments, mine have been holding steady.

When you hear that ticking, get after it ASAP, on account of, if a lobe is going down, it will very quickly fill the engine with iron-filings, and not all of it is gonna find it's way into the oil-filter.