Ok! So I finished a bit ago (had to go eat first
) I finally got some result on the compression test. I only did a "dry" test and if more test are required I will go ahead and do them. Here is what I got, these are of course in psi. I also got a number for the dipstick. D0AE-6750A
Cylinder 1: 180
Cylinder 2: 185
Cylinder 3: 180
Cylinder 4: 170
Cylinder 5: 170
Cylinder 6: 180
Cylinder 7: 160
Cylinder 8: 165
I also took some photos of the heads so we can see what it has. The valve cover had some milky white liquid on the inside of it that does not look normal. The rocker arms had just a hair of play to them. Is that normal or should I torque them down again?
From what I see, not too bad, 7 & 8 are down a bit but only in the 10% range. The head is 1970 Nov 10, 0-L-10 and is a 351C stock head. I do see that the oil guides over the push rods are in rough shape and one is broken off. You have hydraulic lifters, not a Boss with solid mechanical lifters. Do the heads have a 4 or 4* (dot) in the top left corner just outside the valve cover?? Oh here's a tip, get RUBBER valve cover gaskets, you can take them off and on several times and they don't leak!
As far as I can see, you still a very good engine to work with. The more knowledgeable members can guide you far better as to what can be achieved with it.
As for the plugs, replace them, but imo, do not use Champion plugs. I never had any luck with those in the 351C 4V. In my engine, the plugs do get black if the car is only idled and not run hard. I run Motorcraft. Look up the correct plug heat range, I don't have it at hand.
All the best moving forward.