Over-revved, eh? I'd bet that you bent at least one exhaust valve and pushrod. I've seen where they've kissed and broken the petal off the exhaust valve and the valve stem remaining pushed a hole in the piston. It that's the case, you could be blowing oil out the TB/oil fill tube. You won't know for sure until you pull the valve covers. Try running a compression test on all the cylinders and see if you've got a dead one.
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Jeff Chambers
1990 Mustang GT 10.032 Seconds / 137.5 MPH
14-time Street Warrior World Record Setter
CRT Performance
2001 Tropic Green Mustang GT - 12.181 / 113.2 MPH
2002 Ford F-250 Crew Cab 7.3l Power Stroke - 17.41@77.2
"There's nothing boring about a small block automatic shifting gears at 9400 rpm!"
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