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I have a rebuilt 454 with roughly 20 miles on it tops! and pulled valve covers off and discovered milky oil on rockers and underneath covers ! checked dip stick and oil looks OK ? any suggestions before pulling off intake and heads ?
Heads were never torqued after initial setting and header gaskets where just changed day .
 

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This is common on a new build, it`s called condensation. The moisture rises to the top of the engine which creates the milky color in the valve covers, since it`s lighter it rises to the top of the engine. I don`t think you have anything to worry about. When you find water in the oil pan and it runs hot then you have a problem.
 

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Okay, if you insist. Having been through what your dealing with now several times I speak from experience. Put more miles on it and you`ll find the problem is gone.
Run a pressure check on the radiator for starts, if it checks out okay, there`s no problem. Number 2, run a compression check on all cylinders with the ignition disabled, all the plugs out, and the throttle set to wide open. If all cylinders are within 10% of each other, you don`t have a problem.
Does the engine have a miss? if it don`t you don`t have a issue. Usually when one has a blown head gasket you know it.
 
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