Doug,
Check out where your drain pipe for your cowl vent discharges. Right now if you get any water through there, at least some of it's going to find its way inside your valve cover. Those open breather slots on that particular valve cover are an open door for water to enter your engine and contaminate your innards, real quickly.
Dan
Interesting. My truck came with a junk engine and rusted through valve cover at the point of the drain pipe. It looked to be the original pipe. Truck might have been sitting in a muddy field possibly since 1974 as that dated plate came with truck. Did GM not consider the problem that kind of configuration could cause?