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I have a 1976 F350 with a 390. The truck has been losing water from the radiator for a long time so I decided to investigate. I thought I might have a blown head gasket but both were intact. No water in the oil pan but alot of creamy white sludge in both valve covers. It has a Edelbrock Performer intake. Before I put everything back together, I would like to know where the water is coming from. It seems to me that since it is in both valve covers, the water is being split somewhere and getting in them. I don't know. Any ideas to my problem would greatly be appreciated. Thanks.
Barry nailed it. Condensation. Driving the truck for longer periods will help clear it up. As for the truck losing water, I can't help. My Aerostar is doing the same thing to me.