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Possible Blow Headgasket, compression test results
5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
while you got it halfway apart and for the small cost of head gaskets why not just replace them now? If you plan to throw boost at it you'll be happy you replaced them with something more heavy duty. JMO