blown head gasket?

You may have a head gasket leaking into the cylinders and not in the crank case yet. This would allow you to have coolent to come from exhaust but not show in the oil do a compresstion test to see condition of the block and heads. If that checks out ok you may just have a intake gasket leaking into exhaust port.

This engine, especially before 1995, is nearly guaranteed to have a head gasket leak in its lifetime. Ford makes a handy parts kit that includes all the gaskets and head bolts needed for the repair. This is for when they had the extended warranty program on the engines back in 1998. Although the extended warranty is all over, the parts kit is probably still available. Back to the subject - yes, you likely have a bad head gasket or two. A good confirmation test is a sniff test - smell the coolant in the reservoir and see if you smell exhaust. The good news is that there are an awful lot of techs out there who could do this repair practically in their sleep. Finding a good tech and a good price shouldn't be terribly hard.