Classic/Antique Car Repair: 74 nova part 2, combustion gases, tailpipes

Question
Just wanted to thank you for your quick response on my first entry.  As hard as it was to read, your advise is appreciated and I half way expected it to be something that would require breaking down the motor again.  I do have one last thing.  Would the problems you suggested also cause fuel to make its way through to my exhaust?  I believe that is the moisture I spoke about coming out the tailpipes.  I noticed it around my donut ring too.  Anyway thanks and I will probable bug you again after I tear it down soon.  Have a good New Year.

Answer
Thanks for the good wishes.

The liquid coming out the tailpipe is probably combustion gases mixed with some condensation due to the water getting into a cylinder - I doubt that would be fuel, because it would burn up as soon as it hit the hot exhaust manifold.   There is some water produced during the normal combustion of any engine, but there is way too much of it coming out of your tailpipes.

The donut ring you refer to is the sealing ring in the exhaust manifold to exhaust pipe joint, right?  If you meant some other donut ring, let me know- I may have misunderstood.

Dick