Welcome to Grand Banks. Have you visited the Grand Banks Owners forum yet? Great resource for anything GB. We own a 1974 36 with the same engines and they smoke a little at startup then quickly stop. We have not run her at full rpm for very long so I cannot give you feedback about that. The ticking sound could possibly be a valve adjustment. Pretty easy to adjust them if you follow the correct sequence and have the long feeler gauges to do it. I took a class from Bob Smith at Trawler Fest and adjusted mine. American Diesel is the go to place for help with these engines.
1974 Grand Banks 36-427
Vashon Island, WA