Here it is: the motor gets completely filled with oil. Piston/rings just fine. Valves just fine. I'm thinking it's the timing/breather valve (cam side of course). Any thoughts? I fill the oil tank and once the engine starts the oil just empties completely into the entire motor.
It could be check valve but I've got a new S & S oil pump. And since I've had defective "new" parts before I double checked and it was good. I'm going to replace the breather valve and I'll let ya'll know. Thanks for the input.