I apologize for the delay in updating you on our problems, but I'm happy to report that all has been resolved! Unfortunately, improper lifters took out our cam. But, as they say, everything happens for a reason! We removed the engine, installed the proper lifters (Sealed Power for small block Ford), purchased a new cam from Howard's Cams that was a little more performance oriented (.516 lift with our roller rockers and 221 degrees of duration at .050), and installed with 4 degrees of advance. Pistons were removed, cleaned, cylinders rehoned, and oil drain back passages opened up for better flow. The oil passage at the back of the block has now been blocked off properly (initially it had the set-screw installed way too deep by the machine shop), Main bearings had to be replaced as well. We have reinstalled the motor a couple of weeks ago and have logged about 250 miles on it. All I can say is WOW!! What a difference! The car has plenty of power, runs like a dream, doesn't smoke, doesn't blow oil, and doesn't leak a drop! The power band is really impressive, and even with a stock rear end with tall gears, the C4 Cruise-O-Matic with the 2500 stall speed converter is proving to be a great combo.
The icing on the cake is that we have taken it to our first show of the season, and everyone was so impressed with car, and particularly the engine, that we took a top 30 award out of a pretty big field of some really nice cars! (photos attached)
What's next? More break in miles, oil change shortly (running break in oil now), and doing a compression test on each cylinder so we have a bench mark going forward, in the event that we start to experience any problems. Then more shows and a really fantastic summer of fun enjoying "Goldie"!
My husband and I are grateful to each of you for your time and your suggestions. It takes a village, as they say, and getting to this point certainly proved that to be true. We couldn't have done it without so many of you.
Thank you! Thank you! Thank you!!