I have a 78 Formula 305 that makes a ticking noise and creates a backfire out of the carb and whenever I drive it, it feels slugish and sputters like it is out of gas. Does anyone have any ideas?  

It could be a wiped cam lobe, broken valve spring or burnt intake valve or ...

Run a compression test on it to identify the offending cylinder.  Then remove the valve cover and inspect the valve train components on that cylinder.  Check for broken parts and compare the valve lift to others on the same bank.

Good luck!

Craig