[Jeff Alton]

Well, if you do a leakdown and the leaking air is comming out the exhuast or intake you most surely have a valve issue of some kind. A leaking cylinder to head seal will have the air pass out through it and you could hear it with a rubber hose up to your ear or a stethoscope. If it leaking due to a broken head stud, you will probably see some oil and combustion gas stains on the joint on the botton of the engine.

Cheers, Jeff