yo KRAFTY,
That does have lots of mileage. Ford says to fix it as advised below; a rebuild is in order before it gets worse and you end up w/ a yard engine or a reman unit (Consider a Ford Motorcraft long block because of warranty and quality)
For peace-of-mind;
if your 4.9 has an extternal oil cooler (as used in some V8's), check it out. If leak is found at oil cooler, the cooler must be removed and pressure tested for internal leaks. Repair or replace as necessary
then the usual tests
Get a Coolant Prssure tester Loan from a parts store
& do a Compression Check
this is by Ford...iggie the diesel info stuff; and as usual, I added more than asked, but worth the checks
NOTE: It is not sufficient to inspect only the coolant in the radiator coolant recovery reservoir (8A080). The coolant in the radiator coolant recovery reservoir may not be representative of the coolant in the rest of the system. For reservoir coolant to be representative of system coolant, engine must have been operated long enough and gotten hot enough for an extensive exchange of coolant between the radiator and the radiator coolant recovery reservoir since the last time coolant was added to the radiator coolant recovery reservoir.
Allow engine to cool and remove radiator cap.
Inspect coolant in both radiator and radiator coolant recovery reservoir. Coolant should be a green or blue color (depending on brand of antifreeze used).
Clear coolant or coolant only a very light green or blue indicates that there is only water or a very weak antifreeze mixture in the system. Advise the owner of the need for the correct 50/50 coolant mixture.
A very muddy brown color indicates an unauthorized brand of stop-leak has been used. This may eventually plug the system, causing overheating. Advise the owner that the best course would be to drain the system and repair the original concern, flush the system, and refill with correct 50/50 coolant mixture and, if necessary, Cooling System Stop Leak Pellet D9AZ-19558-A or Cooling System Stop Leak Powder E6AZ-19558-A or equivalent meeting specification ESE-M99B170-A.
Make clear to the customer that any stop-leak material is not a satisfactory repair for a serious cooling system concern such as a leaking water pump (8501), gasket, or radiator.
A reddish brown color indicates rust in the cooling system. Advise the customer that the best course would be to flush the cooling system and refill with the correct 50/50 coolant mixture. Ford Premium Cooling System Fluid, E2FZ-19549-AA or equivalent meeting Ford specification (ESE-M97B44-A and ESE-M97B43-A) contains corrosion inhibitors. In addition, add 1.4 liters (1.5 qts.) of Heavy-Duty Cooling System Additive FW-15 or equivalent meeting Ford specification ESN-M99B169-A.
An iridescent sheen on the top of the coolant indicates a small amount of oil entering the coolant. This is common in high-mileage vehicles.
CAUTION: If there is coolant in the engine oil, the cause must be corrected and the oil changed or engine damage will occur.Check the engine oil on the oil level dipstick (6750) to see if any coolant is entering the engine oil as indicated by drops of coolant visible in the oil or a milky appearance to the oil. If the oil checks out OK, inform the customer that, while not an immediate problem, the situation should be closely monitored during routine maintenance.
CAUTION: Severe oil leakage to the engine coolant, as indicated by a milky appearance to the coolant, must be corrected or severe engine damage will occur.If the coolant is a milky brown color (like coffee with heavy cream) engine oil is entering the coolant. On 7.3L diesel and 7.5L gasoline engines the most probable cause is a leak in the engine oil cooler. Remove and inspect to find the problem.
If the oil cooler checks out OK, the head gasket (6051) may be leaking around the oil passageway to the cylinder head (6049). It will be necessary to remove the cylinder head, inspect for the problem, and replace the head gasket. If the head gasket checks out OK, then a crack between an engine oil gallery and the cooling passageways could be the cause. Inspect the cylinder block (6010) and cylinder head. Refer to Section 03-00.
A reddish milky appearance to the coolant indicates that transmission oil is leaking into the coolant indicating a leaking transmission fluid cooler (7A095).
CAUTION: If coolant is found to be entering the transmission fluid, the cause must be corrected or transmission damage will occur.
Check transmission fluid to make sure coolant has not mixed into transmission fluid as indicated by a milky appearance. If it has, it will be necessary to flush transmission (7003) and replace filter outlined in the appropriate section. Refer to Group 07. Replace radiator assembly, flush cooling system, refill transmission, and refill cooling system with correct 50/50 coolant and antifreeze mixture.
If chunks of rust are visible on top of the tubes in downflow radiators or in the inlet tank in crossflow radiators, flush the cooling system.
If there is puffy white corrosion around the tubes where they are attached to the core headers, flush the system. If there is corrosion on aluminum radiator parts, there is going to be corrosion on aluminum engine parts that come in contact with coolant.
Advise the owner of the importance of using the proper 50/50 mixture of water and Ford E2FZ-19549-AA Premium Cooling System Fluid or equivalent meeting specification ESE-M97B44-A that contains corrosion inhibitors. In addition, add 1.4 liters (1.5 quarts) of Heavy-Duty Cooling System Additive FW-15 or equivalent meeting Ford specification ESN-M99B169-A.