Mine was doing the same thing. Just ordered a carb rebuild kit, which is nearly impossible to find since i have the 4bbl carb and now im seeing that it may be the Thunderbolt box which will really suck since they arent made anymore
i have this experience, for my case water go through cylinder 4 and problem come from gasket seal you can check by use a micro camera to check all inside cylinder after run engine 15 minute or run until engine have a problem signal