85 psi is low, the fact that you only picked up 3 psi on a wet test tells me the valves are in need of work. Those engines came with very small port(peanut port) heads. If I were going thru this effort, I'd pull the heads(you're almost all the way there as is). And figure out what combustion chamber heads you have. Id try to find smaller chamber heads to get that compression up(you probably realistically have around 7-1). There are numerous different heads available(OEM and aftermarket) that will help that engine a bunch. Once you get the heads figured out, get the cam to work with those heads. I'd top it off with the Performer intake and Q-jet
Old time mechanic question..
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Up date time,,Come to find out I have for cylinder heads are called the peanut port heads which means that if I want anything over 500 HP ? I was going have to change them. But , I dont need that in the farm truck so this is what Im going to use.. Installed a Weiand Warrior dual plane intake that matches the small port heads. A Holley 670 CFM vacuum secondary carb that originally gave me a lot of bog issues until Member Ben Jefferson steered me into a accel pump problem and with his help ? It got corrected. Throttle response is great now and pics up revs quickly and accelerates quickly now.. Im just about done finishing the headers using the VHT ceramic paint and hopefully get them installed this weekend and then get the exhaust plumbed. This should get me thru till fall when I can pull the motor and get the lower end done with some slightly higher comp pistons and the correct cam shaft installed.
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Finally got done with some small adjustments and fixing some coolant leaks. I was able to go out and hammer on the farm truck a bit to see what It would do.. Holy Smokes, for a supposedly worn out motor this thing never ran like this, even 35 years ago ? From 45 mph cruise, give it some gas, it lunges forward. From a stop, hammer the throttle and it will spin the rear tire thru 3 gears quick as can be and will only stop when you back off the gas. One wheel peel admittedly, but farm truck could never do this before. Im pretty jazzed and cant wait till the headers and exhaust system goes on because this should give me some more HP and Tork. Sadly,, I know Im going to need new rear tires soon..
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I think Im done now, at least till this fall when Im thinking about pulling the engine. Pull the heads and CC the chambers so I can select some pistons that will get in the 9.5 ratio so I can use one of the Mother Thumper cams from Comp cams. But, for right now Im pretty happy with what Ive got.. I installed the headers and have some 2 chamber mufflers on the way to help with a bit of sound..As it sits right now,, I can spin the tire at will or anyone I want to for as long as I care to just burn off rubber. More importantly, the farm truck now starts effortlessly and idles great with good throttle response so the Wife can now run to Lowes using the old truck to pick up some lumber or whatever.
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Just finishing up the headers with some 2 chamber mufflers. Trying to get the exhaust secured correctly, but its so stinkin hot outside !!!!! I cant seem to get up the energy to get if finished.. I work outside about half the day, Im getting pretty darn old at 63 and the last thing I want to do at the end of a 11 hour work day is crawl up under a rusty farm truck..