Originally Posted By: skyship
Why the blue paint??
Maybe because that is the color Ford painted their engines back then.
To the OP, clean the area with some rags or paper towels and hit it with some brake cleaner. Check the area every few miles to see where the leak is coming from. I'm betting timing chain cover, but the intake manifolds are notorious for leaking also. You've got to remember that it's probably original and 40+ years old. If it really is the timing cover, replace the timing chain set while you have it apart as a preventive measure.