I just bought a 1989 Formula 350 with the L98 TPI of course. It is all stock and has 105,000 miles on it and runs strong. My problem is that after driving it for a couple of miles I can smell burned oil coming from the engine compartment. I could not see any oil leaking from the valve covers onto the exhaust manifolds. It does not have any blue smoke at all from the tailpipes and it does not leak at all on the garage floor. Any Ideas???

 

Look closely at the oil pressure sending unit, oil filter adapter, and rear of the intake/China wall. Any leakage there could cause the same symptoms without creating an Exxon Valdez-type spill.