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Sounds like a potential exhaust leak due to a hole in the exhaust system. Perhaps somewhere in the pipe, perhaps in the catylitic converter. Gonna have to get in there & look for it. they sell exhaust patch kits, but that's really just a temporary fix. Eventually, That piece of the exhaust system will need to be replaced.
I suspect that it is over fuelling and the cat converter is blocking the exhaust
check ignition timing as it is probably too far retarded which causes later spark in relation to the valve timing position where the exhaust valve is opening allowing burning fuel into the exhaust manifold,
1) Take it to a muffler shop unless you are a good welder.
2) Procure the new exhaust pipe material.
3) Make the necessary bends in the new pipe to correspond with the layout of the old pipe with a hydraulic tubing bender.
4) Use a band saw to cut the new pipe to lengths using the old pipe as a template.
5) Weld the pieces to form the crossover.
6) Using a cutting torch, cut both exhaust pipes to the length you made the crossover.
7) Weld in the new crossover you just made.
8) If you can't weld with a torch, have no access to a tubing bender and have no way to get the correct exhaust pipe material....take the car to a muffler shop.
start by removing nuts from exhaust pipe on the underside, then remove the 8 bolts that hold manifold to engine and pull it up. make sure when reinstalling you inspect the gasket and replace if needed. there is also a circular gasket between the exhaust manifold and the exhaust pipe, inspect and replace if needed. reverse for install.
Remove distributor to spark plug wires (12286) using Spark Plug Wire Remover T74P-6666-A.
Disconnect muffler inlet pipe.
If equipped with secondary air injection, disconnect the secondary air injection check valve tube (9B480).
Remove attaching bolts and right exhaust manifold (9430).
Inspect joint faces for signs fo exhaust leaks, cracks or any defect that would make exhaust manifold unfit for use
1. Remove oil level indicator tube (6754).
Remove spark plug heat shield.
Remove distributor to spark plug wires using Spark Plug Wire Remover T74P-6666-A.
Disconnect EGR valve to exhaust manifold tube (9D477). If equipped with air injection, disconnect the secondary air injection check valve tube.
Disconnect muffler inlet pipe.
Remove attaching bolts and exhaust manifold (9431).
Inspect joint faces for signs of exhaust leaks, cracks or any defect that would make the exhaust manifold unfit for use.
Clean mating surfaces of right exhaust manifold or left exhaust manifold and cylinder head (6049). Clean mounting flange of right exhaust manifold or left exhaust manifold and inlet pipe(s). Clean mounting surface for air injection tube or right exhaust manifold. Apply light film of Premium Long-Life Grease XG-1-C or -K or equivalent meeting Ford specification ESA-M1C75-B to right exhaust manifold or left exhaust manifold.
Position right exhaust manifold or left exhaust manifold on cylinder head. Install attaching bolts and washers, starting at fourth bolt hole from front of each right exhaust manifold or left exhaust manifold. Tighten bolts to 34-47 Nm (25-35 lb-ft), working from center right to both ends.
Position inlet pipes to right exhaust manifold or left exhaust manifold. Install attaching nuts and tighten to 34-47 Nm (25-35 lb-ft).
Position the secondary air injection check valve tube and the secondary air injection tube gasket (9C435) at rear of right-hand exhaust manifold. Install attaching bolts and tighten to 19-25 Nm (14-18 lb-ft).
Attach the secondary air injection manifold tube (9B449) to left-hand exhaust manifold fitting (located under EGR tube). Tighten nut to 30-40 Nm (22-30 lb-ft).
Attach the secondary air injection check valve tube to rear of right-hand cylinder head. Tighten bolts to 75-85 Nm (56-62 lb-ft).
Connect EGR valve to exhaust manifold tube to left exhaust manifold, if removed. Tighten nut to 53-72 Nm (39-53 lb-ft).
Install spark plug heat shield and distributor to spark plug wires.
Install oil level indicator tube to left exhaust manifold, if removed. Tighten nut to 13-24 Nm (10-18 lb-ft).
they don't go into the water jacket, but be careful not to drill any deeper than the bottom of the bolt hole or you can go through to the water jacket, a piece of rubber vacuum hose over the drill works well to limit the drill depth.