I finally got the head re-done on my 71. The tech said it needed a valve job two valve jobs ago. That explained the 0 compression in two cylinders. I got it put back together, and outside of a hot valve adjustment, it's running great!

Odd thing is that blackish water is spraying out in the exhaust. There's no water in the oil and it runs fine, so I doubt it's the head gasket. Some folks say it's just condensation that collected in the exhaust pipe and will go away once it's driven. I can't prove that as I need to do the brakes yet. Anyone familiar with this?

 

I wouldn't worry about that it will go away if it smells sweet and doesn't go away then it is a problem I'm sure your just experiencing condensation in the exhaust after I rebuilt my motor I had fairly decent amount of water exiting my exhaust after several trips around my town it went away