I thought you might get a kick out of this. I've been trying to track down a ticking noise from around the BB/pedal area for a couple of weeks. The BB shell doesn't need facing. The faces are parallel. The BB doesn't need torquing and neither do the cranks. I tried about every combination of settings possible. The pedals were tight and recently lubed. The strange thing about the ticking is that it appeared only when I spun pretty quickly - 100 rpm or faster. It didn't matter which gear I was in. It just seemed to be related to the rpm's on the crank.
I finally found it this morning. The cause was the plastic ratcheting closure on my road shoes. When the pedals got going fast enough, it would slap against the side of the shoe and cause the ticking sound. As I eliminated possible causes, I finally taped the closures on the shoes and immediately I had perfect silence. Sometimes noises on the bike can be caused by the most bizarre things.