'74 Charger 318 coolant leak, milky oil
 

I bought this car 1 month ago. It had sat for 5 years. I initially changed the oil and it look like there was 5-6 quarts of brownish, milky oil that drained out. I changed the oil + filter and now I'm getting milky oil again along with white foam under the oil cap. I did a compression check on all 8 cylinders and they were all between 132 and 150 psi. Do these engines have problems with the blocks, heads cracking? It sounds like a head gasket, but wouldn't that show a low cylinder compression? I will probably pull the motor and rebuild starting with a block hot tank and magnaflux. IF I do pull the heads, will I be able to see evidence of it a blown head gasket?

www.1974dodgecharger.blogspot.com

Did it have anti freeze in it ??? IF not I would check the timing cover first..
for corrosion- could allow water into the oil pan. Could be as you suggested - A head gasket

yes ive had a leak at the timing cover check those bolts