pos blow head gasket??

[snakerunner]

1965-90 hor/ at the bottom of the moter has a 2 pice flashing one with screen for pee hole out i bleave,second flashing missing dont no what it looks like up to date ,any ways moter runs preaty good,80% exhaust come out that hole on the bottom also up top of moter just under the bottom moter flashing where the hole i thought was exhaust out port has about 20% smoke and some water blowing out(this is a problem??).moter runs good tho most time i seen a blow head gasket it efects the performance!!