OK, here are the results from the compression test this morning. I had 0 across the board!!
Ha! Just kidding.
1 2 3 4 5 6
155 160 160 155 115 150

With tbsp. oil in cyl. #5, compression increased to 130. So that ring's probably bad.
Was surprised by the numbers. Probably safe to say head gasket is external leak, for now.
The other thing that surprised me and I'm not sure what to make of it, 1-4 sparkplugs were very dark with a hint of reddish brown. 5 and 6 were light tan. Looked like this: sparkplugs
The last time I pulled all the plugs out at once, about a month ago, they were uniformly sooty black. Had suspected running rich and vacuum gauge proved that. But, what's up now?
So yes Jim, we are back to re-torquing head bolts and cooking some oatmeal. I'll ignore the condensation.
I think I'll still snag that other 292 and work on it at my leisure. Mmmmmm horsepower.


Tradin' up dimes for nickels...
'`'`'`'`'`'`
My \'65 Chevy C-20