Look any Y block over closely...if an outside oiler system has been tapped off the oil pressure sending unit then the cam bearings are shot. The Y blocks were known for wearing the cam bearings and losing all oil pressure above the cam due to oil blowing around the cam bearings. A copper T and lines running into drilled valve covers was the standard (read cheap) fix, keeping owners from having to replace the bearings. Most engines with this fix have pretty worn rockers and rails, they would run dry until the valve noise got loud enough to attract attention. I owned a nice '56 Merc hardtop and I believe a '61 F100 that I had to add overhead oilers to.