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alright fellas this is about a 360. how would oil get in your water? not water in your oil. i reapeat oil in your water not water in your oil. please help fast.
ok it cant be the tranny cooler cause it has a np435 in it. and there is no sighs of water in the cylinders. so cracked head or a bad head gasket are the only things?
Another possibility is the oil passage to the heads is a tube running thru a coolant passage in the block. They can crack and allow oil into the cooling system. It is unlikely an intake problem could cause this, since there are no pressurized oil passages in the intake or mating surfaces.
I had a 360 (D3TE block) that did this. Oil would very slowly seep into the water. It would not go the other way. It was the coolant passage that Putt describes. If you look on page 5 of Steve Christ's book "How to Rebuild Big-Block Ford Engines," it describes the problem and a solution. Basically, you cut the ends off a pushrod, drill the passage, cover the pushrod with sealant, and press it into the passage. As long as it's not losing oil too fast or affecting your radiator pressure, I wouldn't worry about it.