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BB Fords also have a tendency to corrode through the timing cover and leak water. Take the cover off and check the gasket/cover for leakage. Had this happen in my truck.
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GottaJet, I'm having the same problem with my newly purchased jet boat. 460 with a 671 BDS, Weber carbs, and log manifolds. I just had the heads re-done, no cracks found. Removed in the timing cover, couldn't see signs of leakage at the gaskets, neither at the intake or head gaskets.. Getting ready to go back together, and wondering if you have found your problem yet? Please email me if you read this post at lakesmodified@yahoo.com