I see that my first photo might have been confusing so here I labeled it showing the flow of the oil via the arrows. A is the deflector that has a hole underneath in the tube. B is the end of the flow that has a crimped tube underneath which is hidden from view.
http://rides.webshots.com/photo/2535195270050768402jjCeZENevertheless, this oiler seems to be from a 216 so I need either get a correct one as Pre '68 Dave suggested or modify mine by plugging up the deflector hole.
Also since I have introduced a drilled head bolt, I might swap back to a non drilled bolt to see if that will help cut down the amount of oil coming up.
Oh joy......