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Could also be the back of the intake or sending unit leaking oil and running down the back of the engine. FSM(Factory Service Manual) :)

Rear main can be replaced without removing the crankshaft. Follow the steps in the FSM for accurate information

Glad you got it figured out. I wouldn't put anything from NAPA in a place that could let me down.

125 hp shot should be no prob with 383 and cast pistons. make sure you have good fuel pressure though.

I would wait at least 3000 miles before switching to synthetic.

I would not recommend using RTV on the gasket as it will slide out much easier. RTV in the corners and a spray tack type gasket spray to hold the cork is best. My 2¢ :)

Where do you see signs of oil?

Rope might work better in a high mileage engine with some wear on the crank surface. But a crank in good shape will definitely perform well with a lip seal. Rope for shoes :lol: Good one! lol