Here's my experience...
I used vaseline LIBERALLY when I rebuilt my 235, the rebuilder recommended this step.
While putting the motor back in the car, I injured my back, and didn't work on the car for a few years. I didn't know it, but a leak from the hood allowed WATER to enter the crankcase (no oil) over a period of time.
Fortunatly, the motor is running perfect now, and I think the vaseline was what prevented the water from ruining the motor.
