Flygirl, I've been following both of your S/O related threads...by now you are probably getting the idea that FE's are rather prone to
oil leaks. Most who LOVE the FE (and that is quite easy, they are real torque monsters) just find a way to live with it, and in the end probably manage to embrace it in some sort of perverted manner.
You have really impressed me (us?) with your research.....you've done your homework well. If you are serious about getting an FE powered Cobra replica (and I agree that ERA is the gold standard in replicas!!), you should resign yourself to gettng downright oily on a regular basis as you chase the innumerable leaks, or find a well seasoned FE mechanic...more than any other Ford engine (well, except maybe the flathead) the FE really needs the tender loving care of somebody who has dedicated a significant portion of their life to learning the ins-and-outs of FE building/repair.
I keep seeing members ask for a location so they can recommend someone competent. Perhaps you'd be doing yourself a favor to reveal that info...as many have stated, the FE has many things going for it, but you want to be sure you get a well built one in decent shape, or sooner or later you'll be spending a lot at the mechanic's shop.
Let's hope the baffles in the valve covers really are the problem!
Cheers, Dugly