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That's either combustion still going on in only that cyl after the exh valve opens, or the exh valve doesn't close properly.
Late ignition timing will do that to the whole engine, all cyls. That happens fairly often. Butt wouldn't be the case here of course.
The 1st cause would probably be something like a carb problem. The second would be a severely burned or badly bent valve, or some kind of valve train problem. A compression test might show something interesting.
Well the good news is I'm just a dipstick. Nothing catastrophic. I removed the oil dipstick to install the new headers. Had a new flexible one on my workbench. Got the headers installed and ran the car. That's burned oil spray from the dipstick hole in the block. I cleaned up the mess, installed the new dipstick, and the car ran great! Thank you all!