I'm running a little over 500 ci BBC with a 6-71 11.7 over @ 10/11lbs @ 6000rpm. Recently Ive noticed a lot of water in the oil. I do have a pressure valve on the inlet of the pump and yet my valve covers look like mayonnaise under them after 3 passes. The block is O ringed with receiver groves in the heads. Heads are aluminum. Motor isn't loosing any power at all, nor is there any sign of a miss. Plugs are all uniform. I'm going to tear into it this weekend and was wondering someone else thoughts of what the problem might be. I'm hoping its the intake gasket but not sure. The block is a tall deck with spacers for the manifold. The spacers are drilled and tapped to the head so I don't think that is the issue here. Any thoughts?? Thanks in advance.