Lifter Tick?

I have had my 89 535i 5 speed (M30B35 swapped from a 88 735i) for a few months now and i have only run it about 6 or 7 times. I have noticed a tick coming from the back side of the valve cover that has progressively gotten worse :(. I do not know if my pumps work because only the tacometer works on my cluster and the motor fells over temp after about 5 mins of running. I did an oil change recently and havent put a mile on it since. I put a new fuel filter in, the gas that came out of the old one was nasty and old also replaced the air filter.

Also when the motor turns on there is a squeel, i loosened the alternator belt, figuring it was a loose belt but i still have a squeel.

Do i need a new timing chain? Could i have a lifter problem?

Please help.

Thanks.

Lifter Tick?