I noticed oil collected in the bottom of the intake plenum under the carb, driver side when I had the carb off. This is obviously coming from the pcv. I pulled the stock 502 valve cover and the baffle is in place. Also changed the pcv valve.

Also the driver side exhaust pipe is wet & sooty (oily). What could be causing this?

Could be too much vacum. Do you have the pvc hooked up to the vacum in the back of the carb or to atmosphere?

Been several posts on GMPP crate engines burning oil and PCV as possible problem. I replaced the valve covers on my 454HO with the older ones off my 396. Smoke on startup ceased and oil consumption dropped way down.

Here are a couple threads on the subject, do a search, I think there are more.
http://www.chevelles.com/forums/showthread.php?t=143282

http://www.chevelles.com/forums/showthread.php?t=193896

Could be too much vacum. Do you have the pvc hooked up to the vacum in the back of the carb or to atmosphere?

It's on the back of the carb.