Moss Motors, Ltd

I have a 77b(my first car, had it since 1986) and while I had the manifold off and the valave cover off I also removed the thermostat housing.  I thought I had drained out enough coolant but there was still some there that sloshed into the valve train area.  Shortly after this I noticed some coolant puddling out the middle exhaust port.  It APPEARS to be comming down the valve stem into the exhaust port. 

Does this seem likely, and would I have noticed any other problems with exhaust leaking into the valve cover area?  I have never noticed any white smoke in the exhaust that would have indicated a cracked head.

Thanks in advance for any help!!

One possibility is that the inner manifold stud holes are drilled through the head into the push-rod channels. These channels are open at the top of the head, in the valve train area. Coolant spilled on top of the head will travel down the push-rod channels, weep out through any manifold stud holes that have their studs removed (and may weep around studs still threaded in place). Once it's on the face of the manifold seal surface, it could trickle over to the adjacent ports, and appear as if it's coming from the port. (I've found that appearances can be deceptive when trying to find the source of oil and coolant leaks; I've been fooled a few times until I learned to thoroughly clean all surfaces and then watch for the source, rather than rely upon a snap judgment when drips/drops are first spotted).

 
Also, coolant spilled into the valve train area will get down into your oil pan through the push rod channels.