My money would be on a hole in the timing cover. Probably directly behind the plates, but maybe in one of the passage corners. It sure doesn't look like the problem was head or gasket related since you have exactly the same conditions present after the rebuild. I also agree that too much time has elapsed with the sludge on the bearings and another complete tear down is in your future. But just for kicks, start by pulling off the water pump and plates and really poke around it for holes.
Also my experience with cracked blocks is that exhaust gas is pushed in the water passages and the resulting gas pockets cause overheating, but not oil contamination.
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Mick Batson
1967 original owner Tyro Blue/black top 4-speed HO GTO with all the original parts stored safely away -- 1965 Catalina Safari Wagon.
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