That's pretty much my experience - the older engine designs from the 1960s and 1970s doubled their mileage when they went to multi port fuel injection and over drive transmissions in the late 1980s and early 90s.
I'm thinking PVC or the rings-pistons got baked from the previous owner overheating it.
Like I said - it runs great with no extra noises, good power and starts easy. It seems when they have ring and piston issues they get down on power and have problems with cold starts. This one fires off on the first revolution of the starter. They also seem to leak oil and coolant like a sieve because the seals and gaskets all got hot along with the engine and get brittle.
This is the same truck we had the issue with it running extremely rich while throwing a code that it was running lean. We had two issues - a fuel valve in the fuel injection system was leaking a huge amount of fuel into a vacuum line and another vacuum line was cracked letting unmetered air in. At that time if you revved it up it would blow black smoke out the exhaust. With that fix it started running like I had hoped it would run.
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