How much pressure is the radiator cap rated for? I seem to remember a normal 1947 system was a "zero-pressure" type, or at the most, 4PSI. If that's so, a leaky oil line through the water jacket would put oil into the cooling system, not coolant into the oil. The only way coolant could get into the oil from the block line would be gravity flow with the engine not running.
Jerry

"It is better to be silent and be thought a fool than to speak and eliminate all doubt!" - Abraham Lincoln
Cringe and wail in fear, Eloi- - - - -we Morlocks are on the hunt!
There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. - Ernest Hemingway
Love your enemies and drive 'em nuts!