1983 Chevy I6 Confused.....

[Anorak]

-This is my first post-

So, I inherited this truck from my Grandpa, and he bought it from the original owner. It was in Arizona, but me and my Dad drove it out here to Illinois (Crazy trip ) So I've had it here for about half a year and I have been getting my hands dirty, trying to make it a reliable daily driver. Last week it developed a new problem. As we (Me+Dad) were driving it around, celebrating a recent fix to the bed, we noticed that there were wisps of smoke coming through the hood, needless to say we got home as quick as possible. It looks like the smoke was from oil burning off the engine, and the oil was leaking from under the valve cover. I figure it is some kind of gasket issue, but then I started looking at the valve cover itself-



What is all of that stuff?


Can it be removed?


Why is it on there?


I prefer the clean look of a chrome valve cover myself

Thank you for the help!

More pics, below.