Strange Looking Oil After Rebuild

[adf5565]

Last year I had the 350 in my 72 C20 rebuilt by a coworker who also has an engine shop as a side business. I’ve had a few minor problems with the rebuild including a leaking oil pan and the incorrect timing cover put on (that ones mostly my fault). After the 30 min cam break in and oil change it has only ran at most another hour in my garage/driveway.

I’ve started taking the front of the engine apart to replace the timing cover and also pull the oil pan so I drained the oil today. Again only 1hr of run time on the oil. Well it has a pretty strange look to it, I can’t tell if it is “milky” or what is going on.

Thoughts? Send for black stone oil analysis? Or is it obvious I have some sort of coolant/oil mixing issue?