I was test driving my 78 K-10 today and notice pillows of smoke comming from my hood. Thinking it was spill over from oil I didnt think too much of it. Regardless I opend the hood and saw a decent amount of oil pouring near the back of the valve cover. Without careful observation I pull her into the garage and change out the valve cover gasketes. Fired her up, same problem. This time I paid much more closer attention to it and shun a flashlight right at the dipstick. Lo and behold it was bubbling out from the top of the tube. My oil guage read 60+ lbs (pressure guage only reads to 60). Thinking that my PVC valve is faulty although brand new, I decided to abolish it for the time being to see if it would temporarily solve the problem. After being idle for a few minutes and carefully watching the dipstick no more oil came out but my pressure was still above 60. My rockers sounded loose so I quit running the engine to tune them. I am going to do a test of driving her around for a little bit with the pvc valve off to see if the problem occurs during motion. Im a self tuaght 'mechanic' and not so much knowledgeable of the complete workings of a vehichle, any input would be appreciated to solving this issue.