Haven't posted here in a while, but when I read your OP, the first thing that came to mind was "Better check your valvetrain..."
You can run the motor without the valve covers, just do it one at a time and observe the valvetrain with engine off and then with engine on.
Don't race it, oil will get all over the place!!!
With engine off, you are looking for obvious problems like backed off rocker nuts, broken valve springs, undone valve stem keepers and the like...
With engine on, look to see if all the valves are going up and down... The valves are either intake or exhaust and are paired intake and exhaust together... Look and see, you will find the valves grouped in pairs, one's intake and the other's exhaust... With that said, compare all of the intakes of each grouping and see if they are traveling the same amount and then do the same with the exhaust and see if they all travel the same amount.
After that, if you don't find anything out of the ordinary, then button everything up and do a compression test to see if you have lower compression, it can be a burned valve and those are generally exhaust valves...
I keep hearing things like one way to check for this is to take a piece of paper and place it close to the end of the exhaust pipe and see if the paper gets sucked to the opening... I really can't see how the the air column can be forced to do a complete reversal like that with a bad valve, but that's just me...
Check the valvetrain though, if you drop a valve, then it's new engine time!!!
I sincerely hope you find the problem and get it fixed with the least amount of cash!!!