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I have a 62 4X4 F100. It is complete except for the engine. I have a chance to buy a 64 F100 with a 292 (not 4X4). The asking price is $500. The engine starts right up and seems to run well with the holley 4 barrel. However, I did a compression test... Most cylinders tested between 110-130 with not difference between wet or dry. However, the #5 cylinder test at 60, both wet and dry. Would this be worth my while? It would be an easy job to pull the engine from the 64 and get my 62 on the road. Would this be worth my while?
110/130 doesn't sound bad the #5 cylinder wet doesn't bring the com back might just mean that one of the valves in that cylinder is eather adjusted to tight (solid lifters) or is burned. You could try and loosen the valve adjustment and try again.
Remove the valve cover. Turn the engine over until # 5 is tbc and make sure that it is on the compression stroke. Both rocker armes for that cylinder should have slack in them. The adjustment should be set to .019 with a set of feeler guages. The measurement should be taken between the top of the valve spring and the rocker arm.
Their is a lot of good info for these engines here, www.ford-y-block.com and at www.y-blocksforever.com