Classic/Antique Car Repair: leak, blown head gasket, acclerator

Question
I have a 1971 Chev pickup, 307 motor.  It has started to run quite rough.  The carb seems to take awhile to give fuel after the acclerator is pressed.  But I am concerned about a leak.  It smelled oily hot the last time I drove it.  I shut the motor off and checked.  It was leaking out what looked and smelled like oil through one of the exhaust manifold bolts. It seemed to be under some pressure as the steam was definetly coming out of the bolt area.  What does this indicate?  Any help will be appreciated. Thank you.  

Answer
That symptom almost certainly means you have a blown head gasket.  To prove that, run a compression test on the engine.  If any of the cylinders are more than 10% lower than the average, the heads will have to come off for inspection.  You may need other repairs too, but it's pretty likely it is going to be at least a blown head gasket.

The hesitation on acceleration could be a separate problem (a bad accelerator pump in the carburetor) but don't bother with that until you get the serious problem dealt with.

Good Luck - I think you're going to need it!

Dick