Is it time for new shocks... I think it is.
 

My 88' F-150 4x2 is really bouncy. I really just noticed it since I removed several items from the bed as follows: TH350 GM 4x4 transmission and torque converter(both full of fluid... I am convinced that having GM stuff in my Ford is what started all of my problems), Rear driveline from 1977 Chev. K-10, 3 GM HEI disributors, 5 tires (LT235x75R15 x2, 32x11.50x15LT x2, 31x10.50x15LT x1) 100cc dirtbike engine, 3 radiators, 1 A/C condensor, Misc. Scrap steel. All but one of the shocks is covered in oil too. To me, this means they blew up, am I correct?

No... it's jumping for joy that it's free of the GM burden.:-D


Stabs at Chevy's aside... if the truck bounces when you push/jump on any corner then yes.. the shocks are toast.

leaking fluid is good sign that you need new shocks.

:-missingt Thats good stuff!