I have had oil coming out around the crankcase vent assembly on my 312. I did remove the filter and can to inspect them and they are clean. I am wondering if there is supposed to be a gasket between the assembly and the block because I don't think there is one on mine. I know that I probably have excess blowby but I am about to install new rings.
Fred; Lose the breather and install a PCV system. You'll love yourself for elemitating the breather and the oil smells and drips. Sorry about the spelling, don't know how to use spell correction.