The "T" means "Top", so that is the proper mark. The "F" marks are for timing.
As for the ticking, without actually hearing it, I couldn't say of it is normal or not. These engine are simple and air cooled and will not be as quiet as modern, liquid cooled engines.
That being said, the first time I adjusted the valves, I think I did it 180 degrees off and it was pretty loud. Now what I do is take the cap off and rotate the engine until the intake valve on the cylinder I am working on opens, then closes, then the very next time (a few degrees later) the marks (LT or RT) aligns, i know I am at TDC compression. Otherwise, I make have been on TDC exhaust.
I then pick a clearance right in the middle of the adjustment range and set the clearance to that amount, then double check by slipping the next smaller blade in- should be easy, and trying the next larger- should not fit. Having done that, I know I'm good. Also, always remember that a hair loose (and a hair noisy) is better than too tight which can cause the valves not to seat and can burn the exhaust valve out in short order.
If you just can't get it set right and it seems really loud, the adjusters, valve stems or both may be indented and require replacement.
Good luck!