If you can feel air coming out that is a big leak. Given the engine has already been running and fuel mixture presumably forced across the sealing rings around the rear cylinder I would replace the headgasket.
You might just get away with re-torquing the head as John suggested, but I think I'd be more comfortable with replacing the gasket and checking the head for flatness. It might be that it's just been loosely assembled in the past and it all goes back together fine, but having been let down on the road with a blown headgasket, I'd sooner check while it's all in the garage.
Brian