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The clicking noise (which makes it sound like a diesel) is probably the hydraulic lifters, common problem to 80s Japanese cars (at least everyone I've seen), and the noise level varies; like mine does it only a little bit, and you have to have the hood open to hear at all.
As far as cold starting, a thermostat change is a good idea, but since you said it an 87, is it carb'd? That makes cold starting a drag. And while your at it (doing a tune-up and all) get a multi-weight oil that will help improve cold weather startup (look for a low first number, sythetics can be had at 0/5). Sythetics are awesome, but if your engine has old seals, they may leak, so it may not be the best way to go, you can try a blend of conventional/sythetic, also good.
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