ok...after reading this twice I see no mention of color of the mist coming out of the exhaust. Also does it just happen at startup, cold, warm, etc.? My Z spits black carbon out when I start it but it stops almost immediately. It's because my car is running extremely rich at startup. You say he tuned it for 15psi but you're only running 8psi. It may be running extremely rich. I would second checking your plugs, I would verify the timing is set to 15degrees. I accidently clipped my timing light on the loop backwards one time and over retarded my timing causing a similar response.

As for the ticking...all z's tick at startup. but it should go away within a minute or 2. If not check the fuild level and consider changing the oil. Also make sure you are using the correct viscosity for the air temperature.