First let me say my build on my 1978 f350 2x4 is a budget build. The 460 has oil in the coolant , what are the chances it is just a blown gasket. Engine runs fine, when I picked it up 3 weeks ago I drove it about 50 miles over half in stop and go traffic in 100 degree weather and it did not seem to over heat (temp gage not working), I don't have a bunch of money to waste on pulling the block and having it magnafluxed. So, any advice would be great.

 

50/50.

"Budget" and "F350 w/460" are mutually exclusive terms.

 

I didn't say it was a tiny budget . but, I was told by the guy I bought it from(yes I know people lie) the engine was great.

 

Pull the dipstick. Look like nice pure oil or like chocolate milk? Blowing white smoke when running? Those are two very good symptoms of a blown head gasket.

 

No smoke. But milkie. And oil in coolant. Just know can also be signs of cracked block.

 

Head gasket could push water into the oil, and should also put some gas in the water. Bubbles, gray coolant, rainbow on the coolant.

Not so much would you get oil in the coolant.

AFAIK there is no place where pressurized oil passes through the head gasket. Drain back oil only. So for oil to go into the pressurized cooling system, it would have to be under pressure. That would mean a cracked block.

Cracked block discussion here:

cracked block - 460 Ford Forum

No real resolution here, but just to show you're not alone:

https://www.ford-trucks.com/forums/6...nt-in-oil.html