I recently rebuilt my 330 sb and re installed it in my '67 cutlass. After checking compression and setting ignition timing, I began to notice oil dripping from the exhaust manifold. I assumed it was left over oil being pushed out by the cylinders. I attempted to start the engine several times but everytime had poor idle and alot of smoke. I checked compression a second time and noticed all the spark plugs coated in oil and oil still dripping from the exhaust manifolds. Compression was still still good so I decided to take off one of the valve covers to check the valve guide seals. I started the engine with the valve covers off and had NO oil following from the pushrods even at high engine speed. I soaked the lifters in oil before installing them and I've got good oil pressure in the galleys. The only other component I replaced was the cam. Its a hydraulic flat tappet cam from comp that was designed for 330 small blocks. I have already checked the part number and the cam fits perfectly. I am all out of ideas and i need so help.

 

If oil isn't flowing to the rockers then it can't be filling up the head and dripping onto the exhaust manifold through the valve cover gaskets. Since you have lots of oil on the spark plugs my guess is that the intake gaskets are leaking.
I think you have two different problems here. Check the intake gaskets first to see if they are leaking. If so then problem found, well one of them anyway.
Some times it may take some time for oil to actually start flowing up through the lifter, push rod, rocker, etc. Once you find out what's causing oil in the cylinders you can tackle the other issue. One thing at a time young Grasshopper