Here's what it looks like under the valve covers.
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My guess is it has been apart before, because those are FelPro silicone valvecover gaskets.
EDIT - the intake gasket may have been the start of the issue. These trucks are infamous for the leaky intake gaskets. My gues is someone just kept driving it and adding water instead of fixing it. Similar to my 1996 K2500. I just bought it and it had a miss at idle in gear. Ran great otherwise. It only had 10psi in one cylinder (actually had 10psi when cold and 80-90psi when hot). I decided to pull it apart and have a look. Both heads were cracked, and it had a bent connecting rod. You could see where the rod just kissed the crank. My truck had a brand new water pump, radiator, plugs/wires/distributor, O2 sensor, etc, etc
and a 'waiver' emissions sticker when I bought it. It appears someone just kept throwing parts at it to get it pass emissions, instead of fixing it correctly. When the inspection/emissions ran out they traded it in. I bought it from a guy who deals in wholesale salvage vehicles. He sold it cheap due to him thinking it needed a motor. I figured I may have to rebuild it in the future, but the price was right for a really clean truck.
If I can only find the time to finish it now. All the machine work and parts are obtained. I just need to put it all together.