Dude, have a similar situation in the 88. Before disassembly, I decided to try a product called Steel Seal. Alchemy I say. The 88 is living in TX, and I ran the crap out of it. Still runs cool, no leaks nothing. Better living through modern chemistry.

89 SWB, V-6 5SPD, OME Shocks, 16.5X37's, 2"BL, SR axle, Gen2 brakes, Lincoln w/Superwinch