You can have a blown head gasket without getting water in the oil. It can be blown to an outside edge or an oil drain. Bringing the dead cylinder up to TDC on the compression stroke. Then fill the cylinder with compressed air. As stated earlier, listen for air flow from the tail pipe, carburetor, valve cover and radiator with the cap removed. You should hear air escaping from one or more of the areas. At the tail pipe is an exhaust valve. At the carburetor it is an intake valve. At the valve cover it is a head gasket leaking into an oil drain. At the radiator it is a head gasket leaking into a water jacket. If it is leaking to an outside edge you should hear it on either side of the block. Good luck on your diagnosing.
