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When you rebuilt the engine did you paint the intake manifold? and if so what the paint badly burned off the manifold heat passage between the heads? That would be the case if the flapper valve was malfunctioning forcing most of the exhaust through the intake manifold. Very late timing could easily cause excessive temp in the ex manifold but would almost certainly affect both manifolds the same.
Doug TThe Highlands, Louisville, Ky. 
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Agh those mice/chipmunks/squirrels. I took the exhaust off a 272 that had been sitting outside and the #4 exhaust port was full of sunflower seeds.
Mark
1956 Mercury M100 1955 Ford Fairlane Club Sedan Delta, British Columbia
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How long did it sit while you rebuilt your engine? Check that exhaust is coming out the tail pipe. I just fired up one of my P400's with the 223 I6 and exhaust was coming out everywhere but the end of the pipe. I tapped on the muffler a couple times and it blew right off, it was completely plugged with a mouse/chipmunk nest! I have had others where the muffler was just congested with rust from sitting and the pipe would get red.
 55 Vicky & customline 58 Rack Dump, 55 F350 yard truck, 57 F100 59 & 61 P 400's, 58 F100 custom cab, 69 F100, 79 F150, 82 F600 ramp truck, 90 mustang conv 7 up, 94 Mustang, Should I continue?
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Ted (9/7/2014)
Added to what John brings up, if you still have the ‘Exhaust Thermostat Control’ valve at the exhaust manifold, then check that it’s open when the engine is hot. If the spring on the valve assembly has been reinstalled backwards, then the flapper valve will actually close tighter as the valve warms up instead of opening.
Even so...........RED HOT? I might expect that on a full throttle run up a hill etc but just "driving down the road"? I would wonder if the carb jets might be a couple of sizes too small too.......
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1955 F-600/272/E4OD// Disclaimer: No animals were injured while test driving my F-600 except the ones I ran over intentionally!
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Good thought Ted. Thanks for adding that. Also, if the flapper valve is installed backwards it would not open.
John - "The Hoosier Hurricane"

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Added to what John brings up, if you still have the ‘Exhaust Thermostat Control’ valve at the exhaust manifold, then check that it’s open when the engine is hot. If the spring on the valve assembly has been reinstalled backwards, then the flapper valve will actually close tighter as the valve warms up instead of opening.
 Lorena, Texas (South of Waco)
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My first thought is that the timing is retarded at road speed. Possibly your advance diaphragm on the distributor has failed. If it is the original distributor, it has only vacuum advance, and if that doesn't work, you only have initial advance all the time.
John - "The Hoosier Hurricane"

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I just put a new rebuilt 292 ford y block into my 1955 ford f150. The exhaust is a cross over It had a major exhaust leaks so I changed all of my gaskets. After fixxing it . I proceed to take it for a drive . About 10 mins down the road I pulled into the local gas stations and noticed that there was smoke coming from the hood. I popped the hood and noticed that driver side exhaust manifold was red hot? I checked the radiator and it was full. Can someone please help me. I probaly have 250 miles on the new engine
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