Reply to "What would you motor guys do?"

The block has to be prepared for the alloy heads. It is best to expect it will need to be machined flatter, and the surface of the decks will need to be smoother in order to use the multi-layer-steel (MLS) head gaskets people typically use with alloy heads. In other words, you can't bolt on the Ed heads unless the block has to be machined anyway.

The seepage of coolant could be caused by (1) warped block, (2) warped heads, (3) bad head gaskets, or (4) a combination of two or all three. I'll tell you what I would do.

Remove the heads and check the block's decks for flat-ness (warpage).

(1) If the decks are OK:

I'd put the Ed heads on eBay & sell them, use the money to purchase a refurbished pair of iron Australian 302C heads, those are the small (2V) port heads with the 58cc quench combustion chambers. Installation of these heads is not as fussy as the alloy heads, no block prep is required. Installing them will raise the compression of your Pantera's motor to 10:1, as-is, even with the factory dished pistons.

Install the iron 302C heads, the Edelbrock Air Gap intake, and rock n roll.

(2) If the decks ARE NOT OK, out comes the motor.

I know you're not financially ready for this. But if the block's deck are warped & need repair, your only other option is to install head gaskets and hope for the best. Remember Murphy's Law?

This would be the time to have the decks flattened and surfaced to be used with alloy heads and MLS gaskets. With the block completely apart you'll need some parts to re-assemble it. Throw in a few more parts and some crank work and you'll have the short block rebuilt, now, 2 years earlier than planned. The parts you'll need, off the top of my head, include flat top pistons and rings, bearings, timing set, valves, rod nuts, crank prep and balancing.

The heads that are on the motor now will need to be checked for warpage too. That will help you decide whether to keep them or replace them.

You then have the choice to (1) use the Ed heads, or (2) sell the Ed heads and use the funds to partially pay for the machine work and parts.

With the block prepared for alloy heads, and with flat top pistons installed, the motor shall be prepared to go in what ever direction you decide to go when you are ready to finish the project at a later date.

-G