White smoke
Does the exhaust have a sweet smell? If so that would be coolant getting into the combustion chamber and burning off. Coolant flows around the cylinders to keep them cool. There could be a crack/pin hole in one or more of them. Open your radiator cap while the engine is running and look into the opening of the radiator. Have some towels handy to soak up the coolant as it flows out. If you see bubbles coming up through the radiator there is a leak in the cylinder/s. This test simply shows that combustion gases are entering the cooling system. You can figure out which cylinder has the leak by performing a compression test through the spark plug hole for each cylinder. You'll want to perform this test with the piston at bottom dead center (BDC). Simply stick a straw through the spark plug hole and turn the crank until the straw bottoms out. You can tell which one/s once the head is off. The cylinders should look dirty. If one looks clean this is a sign that water is getting in there. Also, you will want to inspect the head gasket and embossment pattern on the head/block to see if the gasket is sealing properly. You would also want to check the head/block surface to make sure it is not warped which would prevent the gasket from properly sealing. Did the car have overheating issues when it ran previously? Hope this helps and gives ya some things to think about.
biggest issue? 45 year old ford. it was revolutionary at the time, but its technology and build quality are literally **** by todays standards. pull the motor and store it, buy one less than 30 years old and bolt it in. save yourself a lot of irritation and use a complete fuel injected block out of a 80s mustang. you can get them with wiring harness for really short money and there are plenty of companies offering drop in electric fuel pump setups for them. regardless though, your going to have to spend cash, either for a full rebuild on a 45 year old obsolete motor than will just continue to eat cash or to replace it with a newer one. the crate 351 windsor is a beast right out of the box and will bolt up in place of any of the small block ford motors (cleveland not withstanding)
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