yes, definetly sounds like a blown head gasket!! do a compression test. i just went through all this exact same stuff with brother in laws 67 stang. by the way, we both own/race street 67 coupes and have just about seen it all. if you ever have any questions feel free to ask. another thing is my family and i were just in ft. meyers all last week on vacation. do you have a drag strip close to there? nice town, sanibel island had the nicest beach i think. not the fast paced crowd like on the east florida coast, more like old people going there to vacation/retire. anyway....good luck.
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67stang coupe, carb on 5.0, 4 speed, 4.11's....8.41 @ 83mph in 1/8 wanting 7's
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