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Ok, went back through the old forums and didn't see this problem. I have a '53 with '76 Volare ifs and a 460 with '78-79 ford ps pump. All is well as long as I drive like a human being, but when I get on it (it doesn't have a 460 for nothing) the ps pump pukes fluid out the fill pipe. Sure could use some help.
I have not experienced the problem that you mentioned with your power steering. I to have a Volarie with a 78 Ford power steering pump. You may want to check the high pressure line to may sure that it is not restricted in any way. I would also look at the return line to just make sure that it is okay. There are two valves on top of the steering box that could be causing your problem. These are the valves that the two lines connect to on the box. Hope that this helps.
If your engine/pump came out of a lincoln or other heavyweight, your problem can be caused by the pump producing too much pressure. Heavyweights and luxury cars used a higher pressure pump to give more boost for fingertip steering. If your box can't handle the extra pressure you can get backup or blow out seals.
The only time I have had a fluid puking problem was when I was turning the wheels without the engine running. Belt slip?
I have written before about burning up several Cordoba boxes and Ford pumps and blistering the plastic reservoir. My lines got hot, stiff and brittle from the heat(pressure). I ended up having to put an external cooler on and cutting the pressure spring in the pump to lower the pressure.