My milkshake conditions have ALWAYS been past the intake gaskets. Any water pressure over 35psi, and I had water in the oil. Do you have a pressure gauge? Need to know what you are getting. Then, as MESA said, intake bolts. I have found on my B&M blower intake that it took around 10X of going around on the torque pattern until all the bolts were tight. By just doing the recommended 2-3 step method, by the time I got to the last bolt, the 1 st bolt would be finger loose do to the other bolts would have pulled the intake down tighter.

(Your motor could very well hold pressure and seem good while on the trailer, but once it heats up, chit starts moving and gaps open up.)

Water pressure.....intake bolts.=2 easy 1st checks
Good Luck

US1 -

Block water pressure is 22 psi at WOT.

Would a leaky intake explain the power loss???

Read the plugs, if a head gasket is letting water in, the plug(s) will look brand new ( steam cleaning affect)

Water is a product of combustion and is water till it gets to 212 deg. F. I tend to think that your builder is right. Do what you have to do to get the oil temp up to 220 before you spend the time money on anything else. 180 - 200 just won't turn the water to steam so that it can be vented off. --- JP

That's a lot of condensation to make a milkshake.

And condensation wouldn't create a rpm/power loss would it? I have had an intake leak water into the motor and it was enough to fill and drown the whole motor.

Way to much water to be just condensation!!! I've also ran a procharged engine without a thermostat. you do get some condensation, but no way near enough to ever turn the oil milk shake. Especially after only 45 minutes NO WAY!!!!

Mesa is right, az speed needs to check his head at the door and admit he may have installed that intake or the intake could be bad and fix that sucka before the season is over. GIVEM HELL, GETTER DONNNNNNNNEEEEEEE.