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A blown head gasket when there's white smoke out the exhaust is passing coolant into the cylinder(s). Pull all the spark plugs and inspect them for moisture. When you crank the engine over with the plugs removed a cylinder blowing coolant out the spark plug hole is a sure sign. Otherwise, run a compression check on all cylinders. They should be within 5 - 10 PSI of one another and, if stock, around 150 - 160 PSI, per cylinder. If you have an infrared gun, check exhaust temperatures from all cylinders a couple of inches out of the heads; a cold one isn't firing properly.
...i pulled all the spark plugs and the number 8 cylinder plug was the only one bad. it was black and very wet, but not fouled out with water or coolant. it looked more like oil to my dad. i did the radiator check and there was no bubbles coming up through it. after about 1 min of running the smoke started coming out the pass tailpipe (duals), and since my timing is off my dad thinks it might be the valve not seating correctly letting some oil in. i checked the oil level and it was a little down, also on the upper end of the dipstick there was bubbles? not entirely sure what that means. were gunna mess with it on Saturday and see what else we can find. we will probably run a compression test to see if losing pressure. that will tell us for sure. i also ran the engine with out the plug in and some fluid did come out but im pretty sure it was gas, but i could be wrong. any help is greatly appreciated. im trying to talk him into some votex heads to go with my new carb and intake -Nic also its not heavy white smoke. its the light smoke with a little bluish tint you get from burning oil. but that still doesnt explain why my coolant was so low. hmmmm...
So you replaced the bad vacuum modulator initially?
...then after about 1 min you can notice that the pressure goes down about 10ish psi and continues to go down VERY slowly.