I picked up a 76 f150 last week, with the 300 strait 6 in it. Ive wanted a truck
with this motor for years. Truck seems to run strong after a fuel system cleaning. It does have a little tap that I suspect is a lifter , due to sitting for 2
years. I put a quart of trans fluid in the motor to help clean things up. Ill pull the v-cover this weekend and see if any pushrods are noticeably loose.

While doing some of the general maintenance , I decided to do a compression check. With engine warm, I had 120 across the board. Added a little oil and got to 140. Does this seem low?

 

Not necessarily - it depends on the cranking speed, your altitude, etc. I would say as long as they are all within several psi of each other I would drive it. If it sat for a couple of years the valve seats may have some rust on them, which will get beaten off them with a little driving. Maybe test again in a month of driving with the engine warmed up.