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On my '89 7.3 idi there is a tube looking thing on the left side of the block below the exhaust manifold that can be seen through the wheel well be hind the shock, this is the oil cooler right? Mine has a pin hole in the side of it and it sprays a mist of oil out of it. I'm going to be replacing it in the upcoming weeks so any tips or other info would be great.
Seems like it was $600 or $800 for a new one. That's why I have a spare! The ones off ebay will probably be fine depending on how well the PO took care of the truck.
Even if you drain the oil and coolant, there will still be a little of both in the oil cooler when it comes off the block, so expect it.
Remove the motor mount bolts drivers side.
Place a couple 2 x 4 blocks under the oil pan making sure you are clear of the drain plug.
Jack the engine up as far as you can and place a safety block between the motor mount pieces.
Remove the oil filter.
Unbolt the oil cooler.
You have to turn it just right to get it out.
I would probably replace the O rings in the new one before I installed it.
4 O rings and a front and rear header gasket, about 50 dollars at Ford.
When you are ready to reinstall, a bit of RTV on the header flanges and install the gaskets on the header flanges and let the RTV set up good before you try to install it will keep the gaskets in place.