Lots of good info so far but let me add this. Any car that sat since 1986 will have stale gas. Do not try to start the car with stale gas. Drain it.
Take a flash light and look into the gas tank and check for rust. Rust will eventually cause some real issues with the filter and even the injectors. There is a way to de-rust the tank with Arm & Hammer washing soda and a battery charger. Google it. It works, I've done it.
Change all the fuel lines. The rubber set will have varnished fuel deposits and decomposing rubber that new fuel will loosen and wash into the filter and eventually the injection. Order the stainless line set for the tunnel from Chris Foley at Tangerine Racing. The plastic lines will also likely have started to decompose and crack. There have been many horror stories of car fires from failed lines. I have a car here that was a Cali car the burned from a split fuel line. Check the member vendor section.
Change the oil. Don't skip this. Change the oil and use some type of break in oil. Look for Brad Penn oil in your area. The replacement oil will actually help in cleaning out the condensation that forms from sitting.
As Rich stated run a compression check and post the results. It sounds like the car may have had a loose valve seat that caused damage to a cylinder. If the ticking came back it is likely the seat went un noticed during the cylinder repair. You'll know when you check the compression.
In review: Clean and repair the fuel system, change the oil, check the compression, report back. Wait to start fire it up until you know what the compression results are. If you have a loose valve seat you will want to repair it before firing it up and destroying the engine.
Lots to do to wake up a sleeping car. But that's the basics for the engine.
The brakes are the next step.