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As you wish!

I notice a little drop in coolant when I get home.

I top it off but it only takes about 1/4 cup to fill up
, otherwise it looks empty from the fill cap.

Reserve tank dropped a tiny bit. Engine temp/coolant rarely goes above 200°F.

As long as there is coolant in the reserve tank, is that a sign that I am ok?

Ive wiped off the coolant lines on the radiator driver side bottom. There was some wet gunk outside the 2 silver lines and big black rubber hose.

I suppose a radiator pressure tester would be a good investment at this point? Or at least an adapter (father has an old kit from the 1970's for the spring loaded style)

other than some exhaust smell, and a huge cloud of smoke after I let off the gas (cloud size depends on how high I revved it) and the control arm clunks, the only issue is the slight stalling out when I give it very little gas when at a stop.

 

Coolant should be in the recovery tank to cold mark, and should be full under the rad cap. Coolant must be checked with engine cold.
check the clamps on those hoses in the driver's side.
the silver lines are transmission cooling lines.
you don’t need a rad pressure tester , just rent one from automotive parts palace, like AZ or Advance.

 

No.

First, it will help you to understand that it’s a “coolant recovery tank.” As the coolant in the pressurized system expands, the excess volume escapes through the pressure cap. If there’s a bit of air, that goes first, then coolant. From there is flows to the tank. When the system cools, a slight vacuum draws coolant back into the pressurized section, so that after a few cycles, most air or previously dissolved gasses from the system are expelled.

If there is a leaking the pressurized section, you will lose coolant for the obvious reason. If the line from the pressure to the recovery tank leaks, you may not lose coolant, but it will draw air back into the system. Hard to find.

Fix the leak(s.)