Thanks Knucklerdragger!
I added Seafoam earlier and changed the oil with no effect. I might try kerosene as well (it NEEDED a lot of oil changes, sitting 25 years had turned the oil to sludge).
A question about lifter diagnosis: I had the valve cover off and the gushing oil has stopped now, but when I put my thumb on the rocker attached to the lifter in question I felt like I could limit the travel of the rocker by pressing a bit. I am not sure if this is in fact what was happening or not, sometimes you imagine things because you want them to be true. Is there a more scientific way to test for a collapsed or soft lifter? I have a dial indicator on a magnetic base at my shop, I'm thinking I can measure the travel of the lifter in question and compare it to another to see if it is going as high? I'm not sure how feasible it is to read a dial indicator on a motor while it's running though. Anyone have any ideas?
Something I noticed too is the loud clapping through the intake is intermittent and seems to be somewhat of a pattern. It always seems to chuff out the intake and I'm not sure if that's normal or not, but every minute or so it will start making a louder clapping out the intake for 15 to 20 seconds that sounds like someone beating a drum or clapping their hand over the mouth of a cup. Could this be the lifter going through cycles, or the valve rotating through bad spots?
Thank you to everyone who has taken the time to read and reply!