1978 Ford Fairmont over heating problem

Hi there I have a ford fairmont 1978 351 Cleveland Australian car with overheating problems, after running the engine for about a one minute I take off the radiator cap and cover over with my hand when I take my hand off a hole heap of coolant comes out there seams to be a huge amount of pressure and the engine is not even hot yet, when I go to the tail pipe there are small water droplets coming out of it is it condensate or coolant, after running driving the car for 30min I turn it off because is over heating sometimes there I steam coming out the back of the engine cant see were and every thing is red hot to touch, there is also orange yellow gunk on radiator cap, the engine is worked 11:1compression on gas only it runs twin impco vac carbbys, I have replaced new cast iron water pump, 50/50 coolant mix, new 160 thermo stat, new hoses, new oil automatic cooler, new spark plugs, new air filter, new desert cooler alloy radiator, new 16 radiator cap, new twin au10" thermo fans with manual and thermostat control, have checked timing is spot on, have done a pressure test on cooling system it holds pressure for days no leaks that can see, did a cylinder compression test reading:
left bank right bank
165psi 150psi
165psi 160psi
165psi 160psi
180psi 170psi
temp gauge OK
have checked air flow is OK
have checked if water in oil or on oil cap is OK
have checked if bubbles in radiator when running is OK
no white smoke out of tail pipe
oil level good
could it be the cylinder heads or gaskets?Only thing haven't checked.
i have no history of this problem before because I just bought
please help me