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I used a Flow-Cooler on the 5.0 in my 92 GT about 14 years ago & its been a champ. When it came time for my truck's 5.8, I went FC again about 6 years ago.
I spent some time with my Dremel on the timing cover, both inside & out, then painted it with high heat aluminum paint that then went in the oven to bake on.
I don't know why, but it seems that every 5.8 built in the 90s leaks onto the driverside of the timing cover to the pump, but mine doesn't now.
Spend some time with your cover/pump bolts & holes (chase). Wire brush on the bench grinder, paint & antiseize if they are not completely eaten up.
I deleted the oil cooler & used a set of blue silicon Goodyear Hi-Miler hosed from Summit.
I would go with a Motorcraft or at least a NAPA pump if possible. Don't go with the junk from Autozone, Advance, etc. I have an AutoJunk pump on mine cause I needed one right away and they're the only ones that had one available. It's a piece of junk, I'll replace it soon enough.
Another thing I like to do that my buddy showed me, if your replacement pump has a weep hole in the TOP of the casting as well as the bottom, take a dab of RTV and plug the top hole. One less place for dust to get into if you off-road a lot.
There are 4 bolts that go into the water jacket, 2 on each side right above and below the water ports on the pump. These can be a PITA to remove, so have lots of penetrating oil ready as well as your torch. Take your time too. I broke probably three of them off, had to soak a couple overnight after warming them up with the torch. You'll probably want to have replacement bolts ready just in case.
Also, especially if you have to break out the torch, have a replacement timing cover gasket ready. I didn't replace mine after I finally got the bolts out, and sure enough I put it all back together and it was leaking from the timing cover. Had to buy another set of pump gaskets and tear it all apart again. While I was in there I replaced the timing sprockets and chain just cause they had over 200k on them.
If your cooling system has been neglected then look at the timing cover carefully. They can develop pinholes.
That lower radiator hose with the little goodie in it for the oil cooler is available at just about any parts store but they might have to order it and it comes in two pieces (upper and lower). I just deleted the oil cooler since they tend to fail with high mileage (not nearly as often as the 460 oil coolers) and ran a lower hose for a truck with a 302, which is just a plain hose from block to pump. If you want to ditch the cooler, take the oil filter off. Remove the bolt in the center of it and the cooler will come right off, make sure you remove the o-ring that's between the cooler and the block. Now you can just screw on a new FL-1A oil filter.
If you are talking the sandwich adapter, (what would be the gasket on the oil filter to block) that is a tough call. Don't know what you would do for a replacement. Plus you have to bend the tab to remove the adapter & then bend it back to keep it from unscrewing. Most remove the cooler because it is said to flood your oil with coolant when the radiator hose mount fails.
I've heard folks talk about over cooling with a hi-vol water pump before, but it was the same folk that would tell you that they run no thermostat or 100% coolant.
I've not seen it personally. Several threads concerning the coolers on 460s letting go, but as far as I know, it is the same design/part.
Same principle of operation, different part. They are both designed to exchange heat from oil to water, but the 460 coolers seem more failure prone and are of a different design.
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