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I presume just caked on oil residue. It had a low red line so balance was never an issue. I had to assume it was from sitting in oil in the pan when the engine was off.
The 80s small block 305s were a much unloved engine by enthusiasts.Certainly not a performance engine, but it was, and still is a daily driver, not a drag racing or go fast machine.
Just the machine work to rebuild it was more than the new 350.
The 350 has 85,000 miles on it and runs great.
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Glen
50 Year member of the Porsche Club of America
1985 911 Carrera; 2017 Macan
1986 El Camino with Fuel Injected 350 Crate Engine
My Motto: I will never be too old to have a happy childhood!
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