Well i bought a 72 elco about 6 years and it has been sitting in my garage for about 4 years. my neighbor that moved sold it to me for 200 bucks. i finally got a new starter/altanator/and HEI dist. it runs GREAT! I noticed smoke comming up from right header under the #8 spark plug closest to firewall passenger side. I also notice silicone that had been please on outside in between the head and block. after it runs for a minute i turn off and a lil puddle of oil developes. I was thinking maybee a head gasket? nut the car purs and runs great. also maybee a retorque on the head? anyone know what could be causing this.. please let me know . this was a crate 350 about 10 years old not many miles on it.
thanks
rich

double check the rear intake seal, valve cover and distributor gaskets, it may be tracking along the back of the head and onto the exaust

If it was a blown head gasket, I would think you'd be having more than just oil leaking, but I suppose it is possible. Start with the simple and more likely fix first, replace the valve cover gasket and see if it stops. Make sure the valve cover isn't bent or warped when you have it off to replace the gasket, and you could check the torque on the head while it's off. Use a quality brand gasket such as Fel-Pro. If the car has sat for a long period without being started occasionally, some of the gaskets and also hoses and belts may have dry rotted.