It might not be as bad as you think. I had a similar problem and it ended being a stuck releif valve in the oil pump. Fords are notorious for their oil pumps.__or so I'm told. Out of a dozen fords, only one had this problem. My 347. Although after reading your post more carefully, it sounds like your cam bearings are worn. Do you hear and knocking?( bottum end....crank)
[This message has been edited by Oldschoolpony (edited 06-20-2001).]
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