Roo for the mention, LOL! Hey, is this the same engine from late 2003 that you posted about? Still a handy test as you proved once again.
It does sound like a stuck or somehow damaged oil ring. Are these cast or forged pistons? It wasn't unheard of for the ring lands in a cast Ford piston to crack and jam a ring end over time.
To check for a vacuum leak, plug all the vacuum sources, pcv, brake booster line, etc. and duct tape your valve cover breathers. Put a vacuum gauge on your dipstick tube and start the motor and let it idle. If you are showing a vacuum at the dipstick tube you may have an intake manifold gasket problem. BTW, do not rev the engine with the engine all sealed up because this could damage other gaskets and seals.
This message has been edited by machoneman from IP address 18.104.22.168 on Sep 28, 2011 9:57 AM