Spuds,
No valve in the tube. When you get a chance, do the compression test. I would pull the valve cover and make sure you are getting top end oil (not too much though), and adjust, or at least check valve clearance. After the 68k valve job, the valves might have settled in their seats and your lash could be too tight.
Some folks will say a head rebuild on a high mileage bottom end will spell disaster in a short time. I have no strong opinion on this, but it could explain your problem.
I have always felt that if there was a ring wear issue, you would be using oil, and showing smoke...maybe this isn't the case.
I guess the '62 engine was too early for a PCV valve huh! Keep us posted.
P.S. Love your handle.
Stuart
