Head gasket would be my guess. Not to hard
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You asked for our coments so naturally when someone says 383 it means race time . Only going from there,Good luck
The coolant is Toyota "red" so the color is correct.
Do you use this since you have it on hand for your other rigs?
An FJ with a SBC and a Aluminum BeCool radiator does really need Toyota Anit-Freeze.
Looks like you caught something happening in time before anything major happened.
What I would do is change oil, like you did, and then drive it so it comes to full operating temperature for awhile. Maybe slowly run out to Butte City and back. Then drain the oil and check it again when you get home.
If you pour the drained oil into a semi-clear bucket. In a few days you will seperate out and you will be able to see how much water is in there. It has to be coming from somewhere but you will know if it is 1 quart or 3 quarts,etc.