Lifter trouble

[DSkirtech@domain.elided]

Hello fellow IHC enthusiasts. 

My name is Dane, and I recently joined the digest simply to learn as much as
possible about my newly aquired 75 Scout II.
An Old guy give me the Beauty, and there is simply NO ONE here in Jackson
Mississippi To offer any assistance or advise. I recently did away with the
stock Electronic Ignition (prestolite I think) and replaced with a Holley
Points setup because a prior owner burned it (ignition) from the Dash to the
coil. When I got it all set back up, I fired it up. Runs like a Scalded
chicken (Even after sitting up for 2 years) except for a weird sound Im
getting which the "Old guy" told me was a stuck lifter. I guess Im Looking
for anyone who might have been here before and if they have any POSITIVE way
to diagnose this problem besides breaking the engine down. Ive got sort of a
"popping hiss" from the Holley Carb. The "Old-Guy" told me to drain a couple
of quarts of the oil and refill with some diesel fuel to help free this up?
Does this sound worth trying?

Thanks,
Dane Skirtech
"......................I have NO idea where we are going, But WHAT are we
doing in this HANDBASKET!?!?!"