[lukecp]

My 350 used to smell like burning oil when i got
it up to around 4000 rpm, and i thought i was having
some blowby on my 12,000 mile engine. But, i had just
installed new valve cover gaskets, and the rear corner of
the driver's side cover gasket had been accidently smushed
to the inside of the cover, with only about 1/8" of gasket
doing the sealing. When i revved the motor, oil would squirt
out and land on my headers, making me think that it was
burning oil. It may not be your problem, but i would check it
out anyway. Ten bucks for new gaskets would be better than
over a grand for a new motor.....