I believe stock rings were cast and this is what I always use, they seat instantly...

 

Oil in the top end has nothing to do with rings. Your rings are probably fine.

It could be valve guides or seals, but that would have to be a MAJOR problem for that much oil.

It really looks like an intake sealing problem to me. I have had intake sealing problems on every singe Olds engine I've touched (something like 10 builds now?). Maybe it's just me, but these things are super sensitive about the intake gasket. There's threads on here about it. But here are a few main notes:
1) Every Edelbrock intake has crap machining from the factory and needs the intake surfaces cut
2) Anything that causes the heads to move (cutting the block, cutting the heads, thicker head gaskets) needs a corresponding modification to the intake sealing surface
3) IMO turkey tray gaskets are straight from the devil. Use the cheap fiber gaskets - the expensive ones aren't worth it. There's a bunch of different way to prep them. I like to use copper spray on the intake ports and RTV on the water.
4) Don't use the rubber end gaskets regardless of which type of gasket you use. Just put a bead of RTV on the block.
5) The exhaust crossover can also make life difficult. If it's open in your heads then make sure to cut open that area of the gasket and cut away any extra material visible around there after the intake is installed. The heat will cause the gasket to try to warp and extra material will actually make it tear.

 

Can't say that I've had the same experience. With a stock intake gasket installed using the CSM procedure, I've not had a problem in 45 years of doing this. That includes stock iron, stock aluminum, and aftermarket aluminum intakes.

 

I must agree with Joe; I also have never had a problem sealing the intake on many "E" blocks using the "turkey tray" gasket and either a stock cast iron or an aftermarket aluminum intake. I usually do not use the rubber end seals, just RTV.

 

Factory stock rings on the 1967 Olds motors were moly coated and that's all I have ever used on rebuilds with no issues, and I was not using torque plates for boring or honing on any of the rebuilds back then.
If the end gap on the rings was not checked to be adequate (at least .014" for a street build) than it is possible that some may have cracked. On rare occasions an oil scraper may fold during the install of the piston assembly and if the installer is not paying close attention to this it will cause problems.
Hopefully you just have an intake manifold sealing problem. I've heard that the newer aftermarket aluminum manifolds are not always machined well and can cause sealing issues.

 

I had posted here a couple of years ago about my 66 L69 that I never could get to idle right. It ran like crazy, but would die if I let idle down below 1000 rpm. I checked everywhere for vacuum leaks and found nothing. Double gasketed the carbs, still nothing. All new vacuum lines and PCV valve, nothing. As a last resort, I pulled the intake and installed FelPro intake gaskets instead of the turkey tray. That solved my idle problem, and it still runs like a scared antelope.

 

Just got the engine back from the rebuilder. He said the cylinder walls were glazed and the moly rings were only half seated. He honed the cylinders and installed Hastings cast rings and "positive valve seals". I will reinstall the engine and see how it runs