The liquid coming from the tailpipe may simply be condensation from a cold engine. Don’t panic and start tearing things apart. It running good at 1,500 is a good sign.
I would post this issue in the Engine Forum and you’ll get much better experts guiding you thru the troubleshooting.
Phil Moderator, The Engine Shop, Interiors and Project Journals
1952 Chevrolet 3100, Three on the Tree, 4:11 torque tube Updated to: ‘59 235 w/hydraulic lifters, 12v w/alternator, HEI, PCV and Power front Disc Brakes Project Journals Stovebolt Gallery Forum
