Went to change the oil on my SM, and it had some water in it. Was coffee colored. Pulled the pan. Everything was clean except for the white paste from the water. Kinda looks like bacon grease. Had that gunk mainly in 2 corners of the block, and a little under the valve cover. Checked the head bolts and found 2 loose ones, both on the manifold side of the engine. One between # 1 &2, and the other between # 3&4 cylinders. I about fell over when I torqued the one. Didn't expect it to be so loose. I could have got it one handed with a 3/8 ratchet. Ran fine though. The antifreeze didn't look like it dropped at all either, but I haven't hardly ran it for months. Hopefully tommorrow I'll have it running again.
On another note, went to this place called Burg Implement today. It's just north of Pittsburgh. Very cool place. Probably 30 acres or so of parts of all makes. Tons of I/H stuff. Multiples of pretty much everthing. If you're close it's worth a trip. Wear boots though... Shawn
 
Believe I'd pull the head & see what the head gasket looks like. If all's well, a new head gasket won't set you back that much. On the economy route, you could torque the head down again & run it for a week & drain the oil again to see what's going on. Just be careful when torqueing the bolts-- they might have felt a little squishy --& somebody didn't want to strip them.
 

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