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I can't tell you how happy I am to have a 1976 Corvette that has been leaking oil from about 1986. Every bolt, frame section and anchor has been beautifully preserved in good old black gold.
Taking down the exhaust, pan bolts, body bolts, etc.. has been extremely easy, barely used the saw-zall or grinder. The only rust on the car is the last 8- 10 "of the rear frame.
After this experience I think I might run from a dry engine if I saw one
Mine was encased in a cocoon of prehistoric oil products as well. The engines of that time were notorious for leaking especially around the two piece seals. This was the main reason GM went away from light blue blocks.
I am redoing my clutch now. My bellhousing and access cover were soaked in black oily greasy gunk. In washing it off I found some sand which was from the second owner, about 21 years ago. It is all off now and getting painted.
I think the P/S and rear main seal are the main culprits. They will be dealt with harshly!