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Now that i have your attention. My dads 82 F-250 is running terribly. When its idling you can hear compression blowing back out of the carburetor, and if you apply the choke (its manual btw) it will spit gas back up out of the carb after it starts. We've checked the pushrods and they aren't bent, all the rockers are tight..etc.
I'm thinking it might've sucked a valve, or that its missing teeth on the cam gear, hence it running...but crappily. It doesn't constantly blow compression back through the carb..just randomly.
If you suspect a dropped valve just pull the valve cover and make sure they are all accounted for. I suspect that no matter what happened it is going to be a serious repair, if all you valves look good do a compression test if your cam jumped time it will lower all the cyls compression, but I don't think this is likely due to the 300s timing gear instead of a chain and based on what you said being able to hear compression through the carb if the cam jumped that far I doubt you motor would run.
-Johnboy
Well, all the valves are present and accounted for. I can't think of another thing that would cause it to all of a sudden start leaking compression back into the intake and out the carb. Maybe a blown headgasket, but something tells me thats not the case.
I should have the motor down to inspect in the next couple days, i'll keep ya posted.
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