I just fired up my 440 for the second time today after a full rebuild and noticed water in the oil (oil on dipstick has light tan colored streaks through the oil). I double checked torque specs for head bolts 70 ft lbs but noticed one site said to use sealant on some of the head bolts. Is this necessary and could this be the problem?

most times a 440 head bolt holes don't get to water so bad gasket or did you replace dowel pins with longer ones and they are holding the head off??

If it's not that something is leaking heads or block may be poris???

When you exhaust all your options or first try
http://irontite.com/store/index.php?main_page=index&cPath=1
if you are going to use anti freeze there is one for that but the straight water one works best.
Good Luck

The all weather is compatable with antifreeze the ceramic is not!

Not likely leaking through head bolts. May just be some condensation, you could pressure test cooling system with pumpup tester and see if it makes its way to bottom of oil pan overnight.

most times a 440 head bolt holes don't get to water so bad gasket or did you replace dowel pins with longer ones and they are holding the head off??

If it's not that something is leaking heads or block may be poris???

Thanks for your ideas, I guess the dowel pins are worth a look as I did replace them. Block was bored 60thou, hope that isn't the ploblem. I ran it for the first time last weekend with the radiator cap undone and oil was clean after that.
I only ran it today for 1 minute to show a mate but the cap was done up. I guess a pressure test is the next step.

When you installed the intake did you put sealant around the water ports on both sides of the gasket?

440. No coolant in intake man.

Just went through this last year. Head gasket on passenger side failed on #2. Changed both head gaskets. So far, so good.

I hope it's something simple like a head gasket. The gasket set sat around for obout 5 years before I used it, don't know if they have a use by date. Thanks again to everyone for your ideas, I knew someone here would have had a similar problem.