i bought a used 454 motor the guy claimed was good after install it smoked blew oil out the headders and had water in the oil, upon tear down i found that a good sized piece of one of the valves was missing, now this motor has th stock pistons in it and hes no ridge at the top of the pistons, so i assume low miles, all pistons ar stamped 10 , 9 , or 8, could the broken valve cause it to blow oil out of the headders, i know gaskets could leak to allow water in the oil
You should get the head checked by a reputable machine shop. A bad valve, especially an exhaust, can mean the engine was badly overheated. Have head checked for seat cracks. Bad valve guide. Pistons/rings may be shot from overheat abuse. Also check cam lobes.
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