Re: update...not good
You don't necessarily have to pull the head. Take the exhaust manifold off on the side with the low cylinder, shine a light into the exhaust port and see if you can see anything. You can unbolt the rockers on that cylinder to close the valves. If you look in and the valve looks open- there's the problem. If you don't see anything through the exhaust port, then pull the intake manifold and see if you see anything through the intake port. Of course, a leakdown test beforehand would have pinpointed all this out for you with no teardown at all.
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Stan