Oops, 96 was start of Gen VI. Yep they'll be more than $200, especially if you buy Merc parts.

before you go through all of the head aches of changing lifter(s) check and make sure thats what it is and no just a worn out exaust flaper!!!!!! alot of times its mistaken for a bad lifter!!!!! and 800.00 is about right

That's a good one to check.
The rubbers is burned of the metal flappers inside my exhaust pipes and it does make a sould like a bad lifter.

I'm betting on a loose rocker as opposed to a bad lifter. If I convinced myself it was a lifter, I'd run a can of CD2 through it before I tore it down. It can't hurt. The bad lifters I have run across are usually from a piece of crap that blocks the oil passage to the lifter.

Lots of things to look at this spring - I'm sure I'll be back to this subject!

How do I check the flapper? I've got Silent Choice on the exhaust, if that matters. Thinking of it, I do have a new (used) exhaust manifold on that motor - old one had a leak that we giving me some milk shake oil. Could that contribute?

Ut oh, that opens a whole new can of worms. Any number of head or valve issues and wrist pin/piston galling potential.

Does the ticking go away above idle, say 2000 rpm? If so, it may very well be the flappers. Its been my experience that the flapper noise goes away once the exhaust flow pulses (back and forth-reversion if you will)are overcome by air flow (rpm).

Two possible sources there. One is the diverter in the silent choice. Should be able to get hold of the lever mechanism with a gloved hand and see if that's it. Second is the flapper in the exhaust tip if its metal. Should be able to hear that outside the boat (on the trailer) Mine make a horrible racket up to about 2k rpm.

Also the milkshake oil thing, could point you back to the valve guides, as the steam is hard on the valve guide lubrication.