Coolant out of the carb. sounds like a cracked head or block. If the bock is broken, its probably not worth fixing, if the head is cracked, then its worth repairing. After you determine if there is an engine crack, check the compression. The old 4 cyl. continental motors can run well w/ only 90psi.
I've never seen it, but maybe by fluke you only have a blown head gasket causing the problem. Good luck.
Yanni
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