So a good buddy of mine who is totally new to the old car hobby just picked up his first old car. Unfortunately, it has been less than kind to him in his first couple weeks of ownership and now there is an issue that I'm having a hard time pinning down in my head. The engine: 1966 Ford 289 4V - factory heads, edelbrock intake, 750 double inlet holley (yes, much too much carb but it's what he bought it with and is going to down-size appropriately), long tube headers. It sounds like it has a mild cam in it as well. On Sunday, it started smoking bad from the right (passenger side) bank. But not through the entire exhaust system out of the tail pipes, it looks like it's dripping oil out of the bottom of the gasket where the collector meets the reducer. Oil pressure is strong and is holding steady at 40 psi, same as before this issue occurred. The car also isn't running hot or overheating. The right side valvetrain suddenly sounds like a diesel with lots of clacking and noise. I haven't had the time to start pulling things apart yet to investigate myself, but in my mind, it can be a few things: valve stem seals, head gasket, cracked head or block. I'd like to hear some of your thoughts.