Here's the result. Since I was only an hour away from taking the cover off and putting it all back together right and knowing for sure, that's what I did. Not that I didn't do some stupid stuff. When I first tried to fire her up, I had the distributor out 180. So, I turned her over to the next TDC and re-installed my distributor. Give you 2 guesses as to what I did... yep... started her right back with the ratchet on the crank bolt. It actually removed the crank bolt for me!!! Anyway, repaired that, got e-thing tightened up... and thank the Big Man Upstairs, no leaks! Well, save for the crappy oil pan gasket which must be replaced... Someday!!

Here's what happened though. The bottom bolt on the passenger side was barely finger tight. The oil pump squirts oil very close by, which is why oil was squirting through that passage. I was way worried! So, yes, a a loose lower passenger side AC bolt *will* cause oil to gush out.