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Ok, so I recently purchased a 1979 Ranchero 500 with a 5.8L 351M. It ran when I got it, but not great. It had some starting issues so I put a new starter, selenoid, ignition control module, spark plugs, wires, ignition coil, distributor cap and rotor. After all that it still seemed off. After some research I decided to give it a new carb. I put the new carb in, had a shop tune it and it seemed fine. When I got it home I noticed that it was wanting to stall when at idle. That's when I noticed one of the vacuum lines from the evap canister had a good sized hole in it. I replaced the line, but it still doesn't want to idle, it starts and then dies out. If I really get on the throttle it just stumbles. I'm getting a lot of white smoke out of the tail pipes along with a strong smell and water. Any ideas or pointers would be greatly appreciated, I'm at my wits end.
White smoke is usually coolant, and that usually means a blown head gasket. So, are you losing coolant?
There are several ways to test it. One is with a strip you buy from the parts store to check for products of combustion in the coolant. Usually with a blown headgasket that works, but not always. Another is a pressure test of the cooling system, and most parts stores "rent" the tool for that.
But the best way to test is with a leak-down tester. That puts something like 100 psi in each cylinder and determines how much leakage there is. And, it lets you determine where the leakage is going. For instance, bubbles in the radiator show you have a blown headgasket, cracked head, or cracked block. Ditto air coming out of an adjacent cylinder. And, with this test you know which cylinder is leaking, so can just pull one head if the other one isn't leaking.