89 OLDS CUTLASS CIERA smokes white, noisy lifter, and stalls in gear

 I have owned this 1989 Cutlas Ciera for nine months; and I paid $400 for it. I bought it for commuting, because my truck is a gas guzzler. Two weeks ago, the Ciera began tick tick ticking. It sounded like it was coming from the lifters. I tried the easy fix first, a little auto elixir, which I have never had much faith in, but figured I would try. I put half a bottle of Sea Foam in the oil.  The exhaust smoked white for a few minutes and over the next 20 or so miles the ticking quieted some. 100 miles later, the oil was very dirty, and seemed thinned, so I changed the oil. And, being that I had just topped off the tank, I added the remaining Sea Foam to the fuel, as the bottle informed me could clean fuel injectors.  When I next started the Ciera, the lifter tick seemed louder, white smoke poured out of the exhaust and does not seem like it will stop smoking, and the car now stalls in gear. 
 I'm not sure where to start: head gasket, adjust lifters, cam timing belt, could some of these symptoms be caused by the Sea Foam?  It may be more economical to junk this car if repairs are costly, but I may be able to do the work myself if parts are responsible and repairs are only moderately difficult.

This being an old car, I would try changing the oil and replace it with a heavier weight oil to see if quiets down the motor. As for the white smoke, I would fill the car up with fresh gas and just drive it for a while and see if the smoke decreases.

Today I decided to exam the cutlass again, but it will not start, It won’t turn over and seems locked up. When i last had it running, it smoked heavily and the ticking sounded somewhat louder as i said. It stalled when i put it in gear, though i managed to back it up about three feet on the third try. Something was obviously wrong, so I pulled back in three feet to my parking spot. I turned my attention to my truck then, which needed new valve cover gaskets, a radiator, and hoses, etc. This is the first i have tried to start her since, and now she sounds done.

I don’t have time today, but Friday or Sunday I’m planning to examine the timing belt, and remove a valve cover. Any comments, ideas or advice greatly appreciated. Thanks.