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I have two questions about my motor.
1. When I am running at highway speeds and then stop to an idle my oil pressure drops way down and the motor sounds like it wants to die. This only happens when the motor is nice and hot. It hasn't died yet but doesn't sound smooth like normal.
2. I have water coming out of my tail pipes. I had a check done for a blown head gasket and it came back negative. What else could it be?
What is "way down?" If that is on the factory gauge, you still do not know what oil pressure you have. Get an electric or mechanical gauge with numbers. Generally the first thing that will clue you in to low oil pressure is the lifters will begin to chatter. Next will be fatal bearing sounds. It is a fine line between the two.
According to the books, FE's over oil the rockers and you can loose quite a bit of pressure. They say to take a chunk of (1/4"?)rod, drill a hole through the center (0.100"?) and drop it in the oil channel in the head under the rockers. I did this 20 years or so ago when I first built my 390.
If you are not loosing water out of the cooling system, then what you are seeing is condensation that is the result of burning gasoline in an internal combustion engine.