I've said before, I'm relatively new to the details of overhead valve engines and the y block so be tolerant with me please. I have this 272, supposedly rebuilt, that is using a quart of oil every few hundred miles. The left side tail pipe is burning clean, the right side is oily. I pulled the plugs and #1 is the only one not clean. Recently I headed the car down a steep embankment to turn around and a puff of blue smoke blew past me from the right side exhaust. I pulled the valve covers and ran the engine to check for anything unusual. At idle, the right side rocker assembly is putting a lot of oil onto the head in the center and filling up the valley at the bottom of the head before it can drain out. The drain at the end of the rocker shaft is clear and draining oil. I just pulled the right side rocker assembly to check for wear in the shaft or rockers that would let too much oil out before it makes it to the end drain. Obviously they weren't replaced at overhaul. I found wear, but not as much as I expected to find. Using my Harbor Freight digital calipers, there seems to be about .003-.004 wear at the rocker locations compared to the other unused portion. I can just catch it with my finger nail. I haven't pulled the assembly apart to check for rocker wear, but I can't wiggle them on the good part of the shaft, maybe because of the spring pressure. 

I know it is good that the rockers are oiling that well, but excess needs to go the the end drain. My question is: Does this amount of wear sound like enough to overwhelm the head drains and allow the oil to flood the valve stems? The engine internals appears clean as a you would expect from a rebuilt engine, absolutely no sludge. I see the shafts are available and not that expensive and would change them in a heartbeat if it would minimize oil escape. I would appreciate you sharing your valuable knowledge and experience.