Slant 6 oil pressure woes…

If you were getting raw fuel into the oil pan, you could see the high level on the dipstick. Is that the case? On older cars like these, it's pretty normal to get gas smell about the oil, because they aren't fuel injected and running lean on the jagged edge. If it's higher than full on the dipstick, I'd be worried. It "could possibly" also be doing it if the carburetor was running rich. It would have to be so rich though, it would be blowing black smoke and burning your eyes.