head gasket

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get a compression tester tool from autozone. screws into the spark plug holes.

warm engine, remove ALL spark plugs at once, burn hands on headers, curse, thread the tool into the first port, hold the throttle to the floor, crank the starter and let it spin over 2-3 times and record your reading, repeat for the rest of the cylinders, and report back your findings.
 
With a compression tester.

With engine warn, Remove coil wire so car wont start. Remove spark plug from 1 cyl at a time. Screw in compression tester. Hold throttle open and crank engine until highest reading is reached. All should be with in 10% of on another.

The block tester is the best method, can be pick up at NAPA.

Also check for overheating, perculating bubble in overflow bottle. Purging from overflow bottle.

Why do you think you have a blown headgasket??
 
a blown headgasket cannot and should not be driven on. You'll get water into your oil, blow out your connecting rod bearings...if you're lucky. if you're not lucky, your cylinders will fill with water, you'll hydrolock, and blow up everything. at the very least it will run worse and worse and worse.
 
lol, you have no sig. tell us all of your mods, next pick up a vacuum gauge and check your vacuum, you should be 18-20 pounds or so if you have a stock cam. are you speed density or mass air?

you're pulling at straws. 5.0's just don't blow head gaskets unless you have a problem with your boost or you've overheated it ten million times.