I think that might have something to do with the alloy they cast the Olds blocks out of, because I have seen it several times before. No biggie, some warm detergent oil will clean most of that right out of there.
The honey, is probably just that, motor honey. Likely dumped in as a snake oil by the previous owner.
I wouldnt be suprised if all the lifters collapsed varying degrees over that long of a sit, again, fresh oil pressure will straighten that all out soon.
Dont bother with the HEI conversion, unless you want one of those short and stout msd distributors. A good set of points should last you many seasons up there, and as long as you dont leave the key on with the points closed, be more reliable then the HEI. Dust off that dwell meter, it will be something to show the younguns'!
