Cory, not to worry...just needs a tweak. Prior to 1959, the oil tubes looped around and returned the excess oil to the sump through the head. Starting in 1959, the oil tubes were pinched off to force more oil through the rocker tubes.
Many mechanics would adjust the pre'59 tubes by cutting off the return loop and pinching them off to force more oil to the rocker tubes. It was very common, so much so that it seems that you can find more pinched off ones in salvage yards instead of intact ones.
Yours is halfway modified. The return loop has been cut (broken) off, but the tube wasn't pinched off. Simply remove it, stick the cut off end in a vice and crimp it shut. Then you'll be good to go with all of the oil being forced through the rocker tubes.
Matt
