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Do a compression and/or leakdown test. Chances are the engine is just plain worn out and needs to be rebuilt though. Changing from a 5w30 to a 10w30 isn't going to change anything once it's up to temp, they're both 30 weight at operating temp.
You could try 5w50, or 20w50 if it's not too cold in your neck of the woods, but it'd just be a bandaid if it helps. (edit, I see you're either in WI or MN.. I wouldn't try 20w50 in the winter there )
...F*** I really don't want to have to pull the motor... if I do end up rebuilding it, any advice for doing just a little performance build for not a lot of money?
Full cast rotating assemblies are around 1k. Some can be found for less, some more.
The cost of machining can negate much of the savings of reusing parts....so be careful, you might wind up with a 302 when you could have had a 347 for a couple hundred more.
Do you have plenty of airflow to the new PVC valve? If you unhook the vacuum line to it you should have a huge vacuum leak. Sometimes the passages get clogged up.
I want to keep this cheap if I can, no major mods, with finding out I have a baby on the way I must do this cheap. Bashby I didnt know this until recently since the truck is at my parents I will have to try that this weekend.
Start doing tests before you plan a rebuild. Change the oil to 10w30, do a compression test and/or a leak down test on the cylinders.
If the engine is worn, and the crank and rod bearing surfaces check out okay, you can get a basic rebuild kit that comes with every gasket you need, 8 new .030" over pistons, new bearings, new oil pump, etc..for $350. Figure in 200-300 bucks to have the block bored over and the pistons pressed onto the rods.
If you wanna get really budget, you can get a set of 0.030" over cast pistons with rings for like $120, and a headgasket set for around $50.
Verify that you have good vacuum to the PCV valve and the line is clear from obstruction. Just went through the same problem. P.O. had a cheap PCV valve, not Motorcraft brand, in place, and the rear main leaked liked crazy. Fixed the hose as it had a crack and new Motorcraft PCV valve and I get maybe a drip or 2 a day now.
Edit: I had Rear Main seal on the brain. But.. If the PCV valve is obstructed, you will get a lot of blowback into the air breather.