mystery liquid and rattling

I have a 74 318 with 120k on the motor. About 15-20k ago, I put on new full length headers, 2.25 dual exhaust (no x-over) with some summit mufflers, eddy air gap, eddy 650, and replaced the timing chain.

I recently got the car out of storage and drove it about 500 miles to North Carolina and it seemed to run pretty well save for being a little whimpy on the low end. I've noticed over the last couple of days that the driver's side pipe spits out a decent spray of liquid every few engine cycles--this occurs throughout the RPM range. My first thought was just condensation, but it does it whether the car is hot or cold and it only ever happens on the driver's side. The sound also sputters a bit at every spray. EDIT: The liquid is clear, mostly odorless, and tastes just a little salty and, you know, exhausty.....

I checked out the plug wires (a header tube runs right next to 2 of the wires and I've had arcing issues before) and they were fine but then I noticed that when I rev the engine the PCV valve rattles as the RPMs are coming back down and stops once the engine hits idle. I wiggled it around a little bit and it almost feels like it's hitting up against a rocker.

1. Should I be concerned about the liquid?
2. Do you think the PCV sounds and liquid are related?
Bonus: Does anyone have a nifty trick for insulating plug wires that rest against a header tube?