Oil Level confusion

Russ/40

Well-known member
I'm a bit perplexed on the correct level of oil in the "A". I saw a document from a rebuilder that stated" 3 quarts in the input pipe and one quart down the distributor hole." I have also heard 4 quarts in oil input and 1 in the distributor hole. Most literature specifies a pan capacity of 5 quarts. I put 4 and 1 in before starting my engine the first time, (no filter), and after running it found it 1/2 quart low. This was after sitting for a period of time. How should the dipstick be read? Is full on the "F", below it, or what?
 
3000 miles on the full mark....I guess this is right? Oh and yes it drips.

Cardboard on my garage floor
dusty
 
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