Another way to look at it is that 3/4" of oil (increase from 1/4" clearance to 1") the engine no longer has access to is about 8/10 of a quart. So in reality it should be the same as running the engine about a quart low on oil.
I'll add one more to Tom's list of when it might matter -- Early Edelbrock heads were notorious for holding oil up in the valve cover area, and the missing oil might be the difference between an engine that lives and one that fries the bearings - and no drag racing needed, just buzzing along at a good clip down the freeway.
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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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