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I have a 92 f150 with a 302 in it. I was checking my coolant today becuase it was a little low. Noticed i have some bubbles coming up through it and a little foaming but the truck idles, runs, drives just fine and no white smoke from the exhaust. Obviosly i am thinking headgasket unfortunately but could it be anything else? How difficult is replacing the headgaskets in these trucks?
First thing I would do to make sure is take it to radiator shop, They can test for the presence of hydrocarbons in the coolant which would confirm that combustion gasses are indeed leaking into the cooling system. A cooling system pressure test can pinpoint the source of the leak.
If it is indeed the headgasket(s) then you have a bit of work on your hands. If you have ever changed the headgaskets ona 302/5.0 then you have a good idea of what's in store for you, the main difference is all the EFI hoses and such that you have to deal with. It's a good idea to label everything as you disconnect it so that you can be sure to get it back in the right place, and if you have a digital camera you can take a lot of pictures as you go so that you can refer to them later for proper placement of hoses/fittings/wires. (Let's see...does this thingamajig go here, or does it connect to that dohicky over there...?)
On the truck changing the head gaskets isnt that bad. but like tiger said label everything that will be the biggest PITA, with this venture. also the heads weight like 80 pounds or so each