baldredhead,
those motors aren't bad, they are just aren't made for high rpm abuse. There were a lot of Chevy trucks doing big time work with those motors.
The shop manual will show you most of the details.
The oil pump provides oil to the mains directly. There is also a parallel path that goes out the side of the block to the oil distributor valve. You will see a little plate down low on the driver't side, and inside there is the valve. When the pressure buils up after startup, the valve opens and sends oil to the rockers, and to the dipper sprayers. These are little nozzles in the dippers troughs that spray directly into the dippers as they pass. You may see a small tube that loops out and back into the block, right behind the oil distributor valve. That tube takes oil from the valve, goes through the block via the water jacket, and comes out in the lifter area. It then goes up to the rocker arm.
Chevy called this oiling system their "exclusive four way oiling system".
