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Location: Rochester, NY
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First- The BB spindle length is measured from the tapered flats ends, not also including the threaded studs' lengths. I suspect that this means that the actual spindle length is around 122 to 127 in length.
The cracked and miss positioned retainer ring tab could be the cause of the tick. But there are many other possible causes. Some which with a proper reassembly will be taken care of. Loose cups in shell, loose arms on spindle, old/washed out grease, worn/bad bearing ball, worn/bad cup race surface, worn/bad spindle bearing surface.
Some possibilities are not BB related. Like pedals, chain ring bolts, ring tooth bent, seat/post creak, crank arm/spider arm swedging loosness and more.
I'd reassemble all with new loose balls, plenty of grease in the bearings and cup/shell interfaces, and do an initial ride then recheck all. Then after a few more rides the truth will be in the pudding. Does the click return as the grease gets pushed out of the bearing area and the surface condition's pitting show again? Was it only a loose crank arm or cup in shell? let us know. Andy.