38 years on a set of cast iron manifolds is pretty good.
A leak down test (not a compression test) should help determine the problem.
Also, if you crank the engine with the spark plugs removed it will spit water from
any cylinders that are wet.
Peter
1981 32' sedan bridge
twin Chrysler 360 cu. in. 250 hp engines
Raw water cooled
Nimbus II
Home port: New Buffalo, MI