I recently purchased my 73 K5 that has a 1969 350ci engine with 4 bolt main. I finally got all the fluids changed and also upgraded it to serpentine belt setup and I finally drove it for the first time yesterday. Anyhow, I noticed in the mirror that a lot of white smoke was coming out the drivers side tailpipe. Not a little but, ALOT . So I got it home. I checked the engine oil and that was fine (not milky). I checked the vac hose on the trans modulator to see if it was sucking trans oil back into the engine and it looked dry. So, I checked the radiator and I noticed it was down alot. As I was pulling the plugs to do a compression check, I noticed that plug #3 was wet with water. With all the plugs out, I turned her over a few times and water was shooting out hole #3. Here are the results of the compression test: 1. 140 2. 130 3. 210 (higher because the water is increasing comp. ??) 4. 145 5. 138 6. 136 7. 130 8. 130 The engine starts, idles and runs great besides this problem with cylinder #3... Do you think I have a bad head gasket?