Thanks everyone. I'm just trying to figure this car out and make sure the other systems were working. Didn't know Ford's OBD 1 didn't detect misfires.
One of the cylinders is down to something like 60 psi. Probably not a good thing. Don't know what to do about that right this second.
No, a cylinder with only 60psi is not a good thing. Yes, it could be a blown head gasket. And/or cracks in head and/or block. Signs of which are coolant in the oil. Oil in the coolant, and steam out the exahust. Bubbles blowing up in the puke tank. Hard starting.
Something else to consider:
I take it you did perform a compression test to determine this low compression reading. Did you perform a "wet" compression test? This would be to squirt a couple of shots of motor oil into the cylinder, and perform the compression test. If the psi's go up it means the piston compression rings are not sealing properly. The oil acts to seal worn rings better.
Next I would do a cylinder leakdown test on that bad cylinder. Basically, you bring that cylinder's piston up to TDC, both valves MUST be in their closed positions, and pump about 30psi of air into the cylinder via the spark plug hole. No more than about 30psi, otherwise, the compressed air will push the piston down.
While the air is being pumped into the clyinder listen for a hiss of air from the throttle body throat, exahust pipe, and crankcase, where you put oil into the engine.
If you hear a hiss from the intake an intake valve is not seating well or not at all.
If you hear a hiss from the exhuast an exhaust valve is not seating well or not at all.
If you hear a hiss from the crankcase then it is in the bottom-end.
Since you wrote the problem came and went, and is now back again there is a possibility there is a suck valve that is not seating well or at all.
A bad lifter could be the cause. Do you hear a top-end tick while the engine is running bad, and no tick when the engine has run good.