Thanks for the post tresi..I've located a few diagrams from Chilton..This Chilton was for cars while mine is a truck..but they actually showed what appears to be a sheetmetal cap that fit over the top of the springs..at least on some models..yes I guess that certainly would act as an umbrella. My truck however only has a flat piece between the spring and keeper.
It sounds at best that these devices are marginal and it's really the stem - to -guide clearance that manages the oil. These valves etc could be 49 years old..so no surprize..I just wanted to get a fix on what the seals should look like.
I'll check the bottom of the oil pan...lol.
Appreciate the time you spent responding.