Sounds kinda weird, But mine was doing a similar thing where it would bleed down thru the blow off valve but not shut off. I did some research and found that the main output from tank
has a one way valve that can stick and create issue's like mine was doing. It had a piece of crap stuck in the valve, cleaned it and now is good. Might not be your problem but worth a check and see.
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64 Lemans hardtop
4spd, buckets
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