oil around spark plug

You need to tighten the spark plug a LITTLE bit more or better yet, get a new plug washer. Install the washer with the split side down. It's not rings or head gasket.
 
jd, I had the same thing on a Flathead Ford V-8, thought 'What the ----???"

It was the spark plug gasket! Never had that happen before in 50 years of fooling with antique Fords:)
 
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