Well, I can definitely confirm that too much oil is getting on top of the head. Started it up this morning and poped the fill cap off to see what is happening. Slowly but surely, valve cover will fill with oil until it reaches the vent tube and gets ingested by the engine.

Oil pressure seems to be a bit on the high side, but I have no idea what is normal for this engine.

What is the normal oil pressure reading for idle and for load on this engine? When its cold it sees 90 psi easily and any extra throttle will peg the gauge at 100 psi. when idling hot, it is closer to 30psi, and can still go close to 70 when reved up.