Greg and Okie have a pretty good idea which end of the screwdriver to hang onto. I got a pretty good idea which end of the gunthe bullet comes out of too, and I agree, you need to have a heart-to-heart with your Indy.
Coolant leaks can be minor annoyances, but you need to know what caused them. An old system may be just tight enough not to leak, but when you start over pressurizing it, all kinds of things can, and usually do start leaking (As evidenced by the numerous ones you are noticing.)
Cooling systems do NOT create air, so if you're seeing bubbles, what do you 'spose is making them?
Worn lifters are the last of your worries right now, but since you'll have to intake off when the heads are off, thats when you put the new ones in.
Now would be a good time to mention that lifter noise comes from too great a gap between cam and lifter. That being the case, did the lifters wear, or was it the cam (or both?) For years, Land Rover had a well deserved reputation for using cams which had a very shallow case depth to their hardening heat treatment. Whether it was base metal chemistry, or heat treatment is unclear, but it was metalurgical. The Cams didn't last more than 80-100K before lobes were rounding off.
If you can't get to doing a motor job right away, and you don't need to drive the interstates, you can leave the pressure cap loose and just keep the revs down. Les, at AB, told me he had done this for months before he did his engine.
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