That oil temp is very high!! What are you measuring it with are you certain that is an accurate number. I would be talking with the engine builder after you confirm the temp. Is the ticking sound at idle or was that the oil temp at idle? Is the noise a tick or a clacking sound? The valve adjustment should be done accuratly not "tried". Check this site out for more detail
http://www.cranecams.com/?show=techarticle&id=2
A sewing machine or rythmic ticking sound is probably normal especially with roller rockers and a performance cam. Anything more than that or a single clacking sound and something is needing attention. If you do indeed have high oil temp that is the much bigger issue and might be causing the valve train noise. 240 to 260 is track temp after numerous full power laps and on the verge of overheating the oil if it is conventional dead reptile engine oil.