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I had a high pressure line blow because someone replaced it with too long of a hose at one point. It ended up rubbing on the compressor pulley until -pop-
If you have any shops that specialize in a/c and radiator repairs nearby, they should be able to replace just that hose for you. Unless you got the equipment to do that, you're gonna be replacing the whole manifold for something like $300. The shop I used fixed the hose for $40, but ended up charging me more than I expected on system check and charge.
I would take the time to replace all the rubber hoses assuming they are all original. Kind of like you would if you blew a heater or radiator hose...its an indication they might all be old and brittle. If its been a while since you replaced the receiver/drier I would replace that too along with new seals compatible with the freon your using.
You mentioned the POA valve. If working fine, I would leave it alone. But getting to the connections to replace the hoses at the POA valve can be difficult at best. An old GM mechanic lent me a snap-on wrench to make the job a little easier. I'm not sure I could have replaced the hose without it.
Thanks guys, I do have the parts on order and will be putting it into the shop soon for repairs, and I do understand this is a very common problem with the compressor hose being close to the exhaust manifold, they should have a shield to protect the hoses from the extreme heat.
Jim, I had the exact same thing happen to my '70 a couple years ago. Being a neophyte with regard to AC systems I went ahead and bent over and took it to a local shop to either repair the ruptured hose if possible or replace it if necessary, and recharge the system (presumably with R12). I came back to pick up the car a couple days later on their promise that it was "fixed". When I looked under the hood, my original hose set had been replaced with a generic GM replacement set (they're no longer available) and the dude recharged my system with 134 without even replacing the dryer. I drove the car home and before I had even made it a mile from his shop it was blowing warm air out of the vents again. I later discovered that the POA valve was stuck shut, which overpressurized the high side hose causing it to rupture. I then called Dr. Rebuild (who previously had been able to obtain ANYTHING for my car) about a replacement POA valve and they said "we've got ten left-they're $340.00 each". I then decided to replace the OEM POA valve with a pressure-switch cycling type valve ($100), changed the dryer, and recharged the system with 134 MYSELF(Mom always told me "If you want something done right, ya gotta do it yourself!) but still no cold air......UGH. Good luck and keep us posted, OK?