Yesterday I took the 54 up to Midas to have them finish the tailpipes...it was a nice day so I left there and drove around for 10-15 minutes...I started noticing a faint coolant smell...first time that has happened...I went on home and pulled it in the garage...after a few minutes I noticed a little white smoke puff out the passenger side tailpipe-the engine was shut down...I got to thinking about it and this morning I got up and drove it some more...it still hasn't run hot,no water in the oil or oil in the water...no coolant smell now but the other tail pipe is putting out a little puff of white smoke intermittently...no bubbles in the radiator either...I'm stumped...could the heads need to be retorqued?Loose intake?Thanks...I forgot to mention-the motor had quite a bit of spark knock happening yesterday when I smelld the coolant...

 

Apparently, you can have a cracked head or block and still not have water/oil mix. It depends on the severity of the crack. I had a cracked head on a 327 bow tie years ago and drove it that way for about six months before I got around to replacing the head. It put out a lot of water vapor on that side when it was cold and would miss at idle, but at speed you would never know that there was anything wrong, I never did find any oil in the water or vice-versa and after replacing the head there were no ill effects to the engine. I did have to add coolant occasionally. I don't know if a cracked head or blown head gasket is what you have, but it sounds similar..

 

Thanks Vern...I was afraid of that...

 

I'd have to second the head problem but I think I would do ( or have someone else do) a cylinder leak-down test. That should confirm your problem and even pinpoint the location.