oil leak

[87 GT MUSTANG]

i was wondering if anyone knew why i would have oil spraying out from my dip stick, i have not seen it do this but i cleaned around that area yesterday and went for a drive and sure enough it was back again, also i am noticing oil leaking from my lower intake and it seems to be pushing out the gasket, the oil pressure is above normal and i am just wondering what could be causing it to do so, the car still runs drives and sounds great just having these problems. I took it to a mechanic and he said it could possibly be my piston rings. I am gonna take it to a ford dealer tomorrow and have them look it over and maybe do a compression test, i was also told it could be a head gasket but the oil seems to be fine but i am also noticing the water level going down. Also yesterday i floored it a bit and the car died and i let my foot off the gas and it came back but there was grey and black smock pouring out from under the car. Any help would be greatly appreciated. The car is a 1995 mustang gt with 151,000kms with these mods- 3:73's,aluminum driveshaft,cat back borla side exit exhaust,bbk ceramic coated headers, msd ignition, taylor 9mm wires, k&n air filter and a b&m ripper shifter, also are the 95 gt's suppost to idle at 500 rpm or is it set like that by the owner, i just purchased it on tuesday, sounds like a real winner already doesnt it.

[bigblockcoupe]

oil out of the dipstick usually indicates pretty severe blowby which is probably the piston rings when you take it to your mechanic i'm sure he will have no trouble diagnosing it.

[95mustanggt]

I have a similar problem. High oil pressure with evidence of oil "pushing" its way out.

I have developed a couple leaks. I did a dry compression test and found my cylinders all to be around 150 psi.

I'm going to be tearing into the car this winter. If you find out what is going on please let me know by either posting here or emailing me at cam_hergott@hotmail.com .