Re: Volvo AQ151C has ticking noise when at idle (video link)
95% sure thats cam timing, those 151 motors are interference motors only if they have the 631 heron head, and when you gas it, it goes away, whens the last time the tentioner was checked??? i would start with timing belt, also, the water leak is a common area for those to leak, get the volvo gasket kit for the heat exchanger, will be a total of 2 for the freshwater intake tubes or copper ones, but get 4, double them up and it seals them great... these engines are built like tanks, they just keep going, so do the first thing and order those seals, when you take off the exchanger, theres 1 thermostat oring gasket, get 4 freshwater gaskets, and check the seawater pump gaskets as well, i would change em all just for insurance...
check timing, sometimes the old mechanical advance distributors will stick, pull your cap and turn the rotor and see if it is nice and freeplay, it should snapback...
keep us informed, if worse comes to worse, you might have spun a rod bearing, ive heard 350s sound like that...