Hi,
did you look at the lobes on the cams prior to having this issue? Ie when you first go the engine? There's every chance in the probable 200k that the engine had previously done some damage may have been done to it. I would be thinking baffle the oil pickup, get an oil cooler and go from there. Have you done a compression test on it? Might be getting blow-by and hence the oil might collection a bit more shit than it should be.
bEn
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