I just bought a 52 F-1 with a flathead v-8. I'm new to the flathead world so I'm trying to learn all I can. I think I may have a blown head gasket. I have noticed a large amount of condensation/water coming out of the left side exhaust even after running the engine for a while. It also puffs steam. I pulled the plugs and noticed what appears to be water on one of them. This truck has been sitting for several years without running so theres no telling what could be wrong. The truck runs pretty good but also seems to be missing, probably due to the water. Any suggestions? Does this sound right?

Thanks for your help.