water in the oil

Thanks for the suggestion. There are no cracks that I could see. I went over and over it (and everything that was apart) while it was apart. Scraping all the old gasket material and such. Lightly flat filing to look for any aberrations. It looks like it was port matched at one time. I can can see the machine scribbled lines around the manifold ports. The lines are just to straight and consistent to be done by hand. I was a machinist for a decade or so, I know the difference.
It's basically in pristine condition. I looked over every inch of it for anything out of the ordinary.
Can you magnaflux aluminum? I was a machinist, not a metallurgist. :) If there are cracks that would be the only way I can see to find them. Not sure If I want to put the money into that, it would probably be cheaper to buy a new manifold.
The thing is, it ran in the 12's when I bought it. I have not owned it that long, I wouldn't think it would do that with cracks.
Take a straight edge and check the gasket surfaces on the intake and the heads.
With out any gaskets in place set the intake on the engine it should fit square and not rock at all.