Had the same problem with mine. I had a bad valve and main bearings. Did you check all the cyls for comp? Get your heads checked first before more damage occours. I feel for you man. Do you have a bypass valve. If not get it. Also if all internals check out you can get a CES They are tubes that go from your valve cover into your headers with check valves. It really vents all pressure out. This was happening to mine just before she blew. PM me and I can help you out some more. Good luck bro.
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My CAR IS GONE R.I.P----I miss YOU  331ci, 69 Windsor heads ported and shaved , Trick Flow-Intake ported,JE blower pistons, Custom cam 542 lift, 1.73 rrs, Equal length headers, BBK Hi-Flow cats, Hurst shifter, 3:73 gears, Tremec 3550 tranny,Lakewood drag suspension-90/10 in front and 50/50 in the back. Lakewood traction bars. Edelbrock 70mm tb, K&N filter, Kirban fuel reguator, Custom sub-Frame connectors,83 lb squirters, powerdyne blower with 12psi pulley,
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