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OK listen to me when i was a young man like yourself i had a 77 150 with a 300, it can do burnouts very well but after a night of driving around doing that kind of stuff i lost a tranny, and it was not cheap to replace so be careful.
T.J the best way to do a burnout with a 300 I6 is to live somewhere thats gets alot of snow and ice. Doing burnouts in this fashion is a lot less wear and tear on your drive line, alot less likely to start making expensive noises after the burnout. I can even do burnouts with mine in 4 wd if theres enough ice on roadway. If you live somewhere with a warmer climate and the above is not an option try this. Take some used motor oil and dump it in front of your tire that will be doing the burnout. This process is known as a dirty thirty. Good luck!!!!!!!!!!!
pull the hose off the fitting that goes to you windsheild washer spitter thing and run a line all the way to you rear tires and fill the tank with soapy water or bleach and have fun.
I can go through 3 gears with mine. The key is you have to know how to drive it....in the mud..... That's the only time I really try to spin mine, in a field or a little bit of mud. It has so many miles I'm afraid of putting too much of a strain on it. I try to baby mine now, I don't want to be left stranded.
i used to be able to power brake mine (still can but its not driveible). i wore the LSD out so now its down to one wheel peels with the other side doing a little spinning.
before when i was young and dumb, i did a neutral drop...funny thing is nothing was damaged.
I used to do that in my bronco whenever it was wet out. Revved it up a little, dropped it in drive and floored it. I spin them in first and second when I was pulling up out of the car wash, it has a 351 though.....a little different....