Hi Andrew,
Check to see if there are gases blowing out of the tappet cover vent
when the engine is running. That's where the piston/ring blowby
manifests itself. If there's no pressure there, or just a bit then the
pressure at the top is probably coming thru the valves & guides. Been
there, had that, more than once. Remember that there's a mist of oil
inside the valve cover when the engine is running. I'm pretty sure the
stock '70 engine has a vented cap on the valve cover but there's a trap
in it to stop oil from being thrown out, I think. You might think about
Putting the stock cover back on to see what happens.
Cheers,
CR
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