CaptL, It turns out I just went through "milky" oil on my rebuild last week. You can see if your situation aligns with mine as articulated in the 1976 century thread. The problem ended up only being very humid air and condensation. My engine did not run long enough to heat the oil to adequate temp to steam it off. Oil went from milk to brand new after about 45 minutes of running in a test stand at around 160F water temp reading.
