Deejay, Yes the oil build up on the valves could have come down the valve guides but there is no blue smoke on startup. As my other toy is an Elan I know all about oil coming down the guides!! Plus to have got into the manifold from the guides it has to go up hill and against the flow of the incoming air. If you look at the manifold you can see the pocket below the breather inlet to the manifold. As I said above I think it's the oil condensing out in the manifold and as there is no way out it just stays there. I think the variation between cars is due to different driving styles or different oils or just some engines have closer fits of the valve to guide. A few pics for you. Cheers John.