Hello all, I have a 454 punched out to a 502. This is a completely rebuilt motor that is showing 60psi on the oil gauge but nothing is getting up into the valve cover. When I open the file cap, smoke from the burning oil comes out and it looks almost dry in it. I don't want to ruin this motor..... Does anyone have any suggestions? There is 5 quarts of 10w30 in it, fresh filter as well. Please help!

 

Could be a problem with the lifters not pumping oil up the pushrods or the pushrods are stopped up. If the rebuild was recent could be trash from machining.