Well just for the heck of it I called Allstate and man they where very nice and answered all my questions about the stuff. It is as I suspect left over zinc plating compound and he said its really hard inside the tower to get it really shiny and with no left over compound but said it wont hurt anything.
And as far as the brass air bleed in the bottom of the base plate that is there for the purpose of if you are running a big duration cam you can just drill the inside of the stud tower and make it function like a barry grant idleze and change the amount by changing out the air bleed but he said it is non functional at the moment.
So I am just going to leave it out since I don't need that type of a feature anyways. I am running mild cam in my engine. Thanks guys for tips.