Wes, Brian, Bill and Tim, thanks very much for the very good and fruitful feedback. I have tried all your suggestions in your feedback, using Brians method, an iron pipe acting like a stethoscope. I listened at every position you suggested.
Finally I found the source to the ticking noise, it is the high performance ignition coil (that the former owner put there) located in the back of the engine compartment, on the wall to the tub.
The coil is ticking loud and clear and you can hear it very well when engine is on idle, when higher speed on the engine all other noises drown this particular noise. The coil also became extremely hot, I burned my finger touching the iron coil.
I started to suspect something electric causing the noise, as it disappeared emediately after switching off the ignition key, that was long before the engine stopped.
So now comes my next question: Why is the coil ticking and why does it get really hot??
Is it just because it is of poor quality (maybe made in China), or is it not matched with the electronic transistor driven box taking its input from the joints, making a strong signal to the coil? Or do you have other suggestions?
I know this question and my equipment is far off genuine Willys jeep stuff, but my goal is to get the jeep running, even if it has modern stuff connected to the engine.
I greatfully take all suggestions and feedback on my question