I had a similar problem on my 86 V6 232 at 32,000 miles! I drove it anyway (like your friend) and I blew the gasket. Believe me, It is a FPITA to do the gaskets yourself. Have to strip all accessories
Change the catalytic converter! You can buy inexpensive replacement from CATCO, I paid 35 bucks. Mine have rusted "solid" Do not drive it until you do this.
Now , at 56,000 miles, it startred acting again!
I agree, is good to check your timing belt slack!!!
Tech info on timing chains:
http://www.cloyes.com/Aftermarket/Te...S/Default.aspx
PROCEDUREIt How do you easily make sure timing gears and timing chains are good, and do not need to be replaced?
It's easily done. You don't have to take the front of the engine apart to check, but it's a two man job. So, let's begin.
Remove the Distributor cap.
Put a ratchet and socket on the crankshaft pulley bolt.
Have the 2nd person standing over the distributor looking at the rotor.
Start to rotate the engine CW with the ratchet to the timing marks on the pulley.
Stop rotation at the 10* BTDC mark.
Again, start to rotate the engine CW.
Have the 2nd person tell you EXACTLY when the rotor starts to move.
Stop the rotation of the crankshaft.
Look at the timing marks on the crankshaft pulley.
How many degrees did the crankshaft pulley move?
If the crankshaft moved more than 5.5 degrees, replace the timing gears and the timing chain. IMHO, I replace the set at 4.5 degrees of movement as a preventative measure.
The number of degrees that the crankshaft pulley moves BEFORE the camshaft transfers the movement to the distributor represents the amount of slack in the timing gears or the timing chain. This slack is seen as a time lag by the distributor and the distributor acts accordingly and the spark to the plug is now delivered at the wrong time. It's best to have the whole mechanics of the timing train nice and tight