So, I got part of a diagnostics done on the engine, but we are now doing a leak test on cylinder #1.
There's apparently still a possibility of a blown head gasket but the numbers on the pressure test both dry and wet look pretty solid. Dry was 158 - 168 and Wet was 190-198.
Cylinder #1...
393w in the 94 F150. 9.0:1 compression, Lunati #61001 cam, edelbrock air gap intake, holley 600, hei conversion distributor, hedman thermal coated headers, super ultra bling bling valve covers