Water in the oil

I have a newly rebuilt 360 in a 73 duster. Back in early summer I noticed the oil was getting water. The water level in the radiator may have gone down a little but not much. I suspected the timing cover gasket. I changed it and drove it regularly in the summer. The oil looked good all summer. In early fall I had a tire come apart, it still held air but I couldn't get on the road with it. I just moved it around in the yard some. I never run it enough to get it warm. The water in the oil started coming back but now bad. I took a valve cover off and found water droplets hanging like dew in the top of the valve cover. I thought it was condensation caused by not letting it get hot enough to evaporate the water that was forming inside the engine. It eventually got so bad the oil looked like coffee with a lot of creamer in it. I decided to change the intake gaskets. I had to wipe a mayonnaise like substance out of the valve covers and lifter valley area. I also had to change the oil and filter twice to get the oil free of water. After all that I don't believe I've solved the problem. After 5 or 6 startups without letting the engine get hot cause enough condensation to cause this problem. Would installing a pcv valve help? The valve covers have one breather on each. If neither of these are the problem where should I look? By the way I've never seen water come out of the exhaust or much loss of coolant. Thanks in advance for your help