Cam lobes and to an extent, piston skirts (I've seen rods that pump oil through them to the underside of the piston) rely on oil splash for lubrication. The oil that enters the rod bearing surfaces comes from the main journal oil holes. The oil is pumped through the gap between the rod and the crank and out the sides of the big end rod bearings. This oil route is ALWAYS flowing no matter where the crank is on it's rotational tour. It is this oil that splashes up on the inside of the engine. It does not rely on dragging it up out of the pan so that should make little difference where the oil level is. to a point! Too high a level can cause all sorts of maladies. The crank does drag a little up with it but it can survive without this. Windage trays help to reduce the drag caused by oil clinging to the crank by "scraping" it off as it spins past the tray.
Another note, make sure that the machine shop keeps records on what they did to your rotating assembly, especially the balancer so when it takes a s*** you can reproduce the results on a new balancer. This is what I'm having to do now. Luckily, (for me) my machinist keeps such records.
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1986 four-eyed LX coupe, 358 Cleveland, Tremec TKO600/centerforce clutch, dish cut Probe forged pistons, comp cams hyd.roller cam, .579/.588@224/230, Edel.performer, 670 holley street avenger, CPR custom built long tubes, ported and polished 4bbl heads, manley valves, beehive springs, MSD peo-billet dist/MSD6AL, fluidamper, 5 lug conv. with 17x8 bullits there's more but it's still not finished yet.
Oh, and the oldest boy is turning his 89 GT into a FFR cobra this next summer.
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