I'm also having a similar problem...I was towing my dad's boat home from the lake a couple weeks ago, when I noticed my temp gauge was pegged hot after about 2 hours of driving. I pulled over ASAP, and found almost no coolant left in the system. It was so hot, in fact, that it was starting to melt the valve cover gaskets.
I let it cool down and filled it with water, and managed to limp home, but the temp gauge was still hovering around the high side of normal, and I kept having to top it off with water every 20 mins or so.
I took it for a quick drive the other day, after filling it with water again, and the temp gauge jumped right up to the top after only a few minutes of driving, and there was white smoke coming from the exhaust at idle. So I took it home, and haven't touched it since. I just replaced the lower intake gasket a month ago with a Ford OE replacement.
My question is similar to redranger's: How do I diagnose what my problem is? I assumed blown head gasket, and my plan was to take the heads to the machine shop and have them pressure tested, and put new Ford headgaskets on. But how can I be sure that it is the head gasket before I take everything apart?