I think you are getting way over 34 degrees advance somehow. The engine should not run that hot, water or exhaust. Recheck your distributer and the timing. Are you setting your timing at 3000 rpm with everything connected? You should with max advance of 36 degrees. See if this doesn't help the situation. The other thing that makes an engine run real hot is being extra lean. Are you sure that carb is working properly?
As far as the
oil spill, I have a pcv valve on my right valve cover too. I also have a Moroso $50 screw on
oil filler cap w/overflow line to a catch can on the left valve cover. That cured my problem of pukeing
oil all over my stroked 427. I had a "push-on cap, breather" previously and it was a joke!
Jerry