[T3] Trouble home from Bugorama

[Jacob Adam Schroeder]

I drove my '72 Squareback from San Jose to Sacramento this past weekend for
the Bugorama.  The event was great and I saw many beautiful T-3s (any list
members present?).  I even picked up some great parts for dirt cheap at the
swap meet (quote a bit of T3 stuff was available).  After a big hill (on
I-205) in the mid-day California heat on the way home, however, my car was
running so bad that I decided to call AAA for a tow rather than risk
further damage.

Here are my observations:
Drive there (Saturday):
Car drove strong
24mpg (my average on prior tanks had been 18mpg)
Oil was down maybe 1/5 qt. after the 150 mile drive (odd for me), so I
topped off

Drive home (Sunday):
Smokey exhaust on startup, but quickly stopped.  I had never had this issue
before.
1.5 hours of driving on fairly level ground, everything great.
After a big hill on I-205, a noticeable loss of power. I could not
accelerate in 4th gear on flat ground.
Stopped to check oil b/c I consumed or leaked on the way there.  Oil low
again (bottom line of dipstick), so I added about 1/4 qt.
The next hill (Sunol) was brutal and I had to take it in 2nd gear (it is a
steep grade, so maybe this is normal).
After hill, and while cruising on flat ground, my oil light flickered.
Immediately shut off key and pulled to the side of the road.
Checked oil and did not see any on the dipstick, so I pinched the dipstick
and it was hot but not enough to burn my fingers.  I added more oil to get
it in the right range.
I drove it far enough to get my car off the interstate, car backfired a few
times (weep), I then stopped and called AAA, heart broken, for tow.

My plan for diagnosing the issue:
Change oil
Check valves
Adjust timing
Compression test
Report findings to list

I had the stomach to look at the car this morning.  I observed nothing out
of the ordinary (leaks, holes, etc.) from my visual inspection under the
engine.  I checked/adjusted the valves.
Each was loose.  The best was .008 (intake on 4), whereas the worst was
.013.  I had set these all correctly about 500 miles ago. My engine was
recently rebuilt (maybe 1200 miles ago) if that matters.

Thoughts on what happened?  Thoughts on next steps?  Why are my valves
loosening up like this?  Thanks in advance,

Jacob
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