Oils is metered through the cam bearing and camshaft, if the bearing is not properly aligned in the block then you have a serious problem but since you saw that when the engine was turned, it shot oil with the shafts removed you had no problem. Things like this are what a guy learns from experience and from others. Also reading a shop manual helps a bunch. Here's a little trick to pass on about non MOPAR, but then these days there aren't many old Ford FE's running around. Pull those shafts and install a threaded section of a bolt that fits in the holes to raise the oil pressure to the lower end of the engine and cut back on the oil flooding the top of the heads and valve guides, it will really slow down the oil burning in these engines after they have a lot of years on them. I used to do this to get engines to pass a smog test in Calif.. Never had any problems with them after this either. I had an old MOPAR racing manual that recommended installing a restrictor orifice in the block or heads for B's and LA's. Tap the hole and install a drilled plug with a .040 hole in it to restrict the oil flow even more. Rockers don't need pressure, they just need a little to lube the parts and it doesn't take that much oil to get this job done. The faster the engine spins the shorter the time between oil pulses and the rockers don't need anymore than what can stay in the little pockets that hold it while it runs over the parts.
