Yep. Either your voltage regulator is bad (very likely) or the wiring between it and the alternator is bad.
If it's an old regulator it uses mechanical points inside. That might have been the clicking and the ammeter bouncing. How far was the meter going? All the way pegged, or just a tick in one direction?
As az said, 16 and 17 volts is too high even at initial startup. You should rarely read over 14.5 with a good Ford charging system, but yours is quite a bit higher and consistent with a failed regulator.
But the reason it's only "most likely" and not a guarantee, is that the wiring can be suspect as well.
Check the condition of the connectors and wiring in the engine compartment and see if anything is loose, broken, cracked, rusty or otherwise not quite happy looking.
Good luck.
Paul