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This vintage truck does not use a water flow valve for heater functionality. There is a temperature blend door in the plenum chamber. Perhaps you are on to something there but in different way.
Ah, OK, it's hard to keep track of which do & don't. My brother's newly-acquired 1989 F350 does, and my 1990 F350 does not.
But you're right, the concept is the same but how it is controlled is different; the blend door not being in the proper position would allow the air to become reheated after cooling.
RLA2005, Great thought on the freezing up. I have forgotten about such a scenario.
Another thought...
Perhaps the condenser is dirty. Sometimes a very easy fix. If you lived in the deep south, the mosquitoes will plug a condenser up. Between the fins their isn't enough air to cool the heat that is being transfered. A/C should normally begin to get cooler/colder when driving steady. But when thinking about the Condenser being filthy, if there is to much heat, and lack of heat transfer, wouldn't that "overload" the compressor and cause the compressor to start squealing? Also, would the evaporator being clogged with trash (road grime, leaves, dirt) produce the same result with freezing up?
Perhaps with as many possibilities, these ideas should shed some light on the problem.