Doug,
When and how *exactly* is your coolant disappearing?
On my 3FE, I had similar symptoms, namely loss of coolant and an obvious resulting sludge under the oil filler cap. I had *no* overheating or performance issues, no bubbles in the coolant reservoir, no moisture out the tailpipe, yada yada. Here's exactly how it was disappearing: At operating temp, it would suck coolant right out of the system, and hence coolant right out of the overflow into the radiator. Never any air/blow-by gases anywhere! Drive for an hour, and the coolant in the reservoir was noticably lower before the engine even started to cool, but again, no bubbles, and no air in the radiator, ever.
Fortunately or unfortunately, I "resolved" this issue with a tube of Alumiseal. As you can imagine, I am following this thread with some interest.
Curtis