Dont mess with the ****** you have to pull it or the engine to change the front seal. If it not leaking dont touch it. If it not broke dont fix it. If the trans goes bad its time to swap for a V8 and stick shift. 235 chev engines have a side cover below the head on the distribitor side. Just clean and regasket the engine and drive it. Also a PCV will reduce crankcase pressure and help prevent leaks. OldWolf
If it's full of sludge, then you want to s****e out as much of it as you can. Mine wasn't that sludgy but it smoked after it was revived. You can see I removed the VC before I paid for it. There was not a great deal of sludge. I have used Rislone on other engines as an additive to the oil also. I used MMO this time and it worked fine too. Some guys use ATF as an additive to clean and unstick gummed up lifters and rings. There is a difference between gummed up rings from years of sitting and a sludged up engine from lack of maintenance before it was stored. IMHO If the smoking clears up, then you want to change the oil and filter to your every day oil. I prefer to not spend a bunch of money on an unknown engine until it proves to me that it is worth the effort. It cost me a gasket set and an oil change. Don't panic about wisps of smoke from the breather when it is running in the parking lot. All engines of that period do the same thing. The car has to be in motion for the road draft system to work. If it stops smoking from the tail pipes then you can add a PCV system. I added one to mine once it stopped smoking.
Whoa! The information on this thread is jumping all over the place. Your crankcase has all the ventilation it needs. It is the verticle black circular chamber with attached decending tube that is between the coil and the fuel pump. If there is pressure in the valve cover then the drain down p***ages are plugged up with sludge. As to the side cover it is the full length sheet metal cover that is located on the side of the valvelifter chamber behind the distributer in picture. I don't know where your oil is going but your not burning a quart in 50 or 60 miles so you're either leaking it or blowing it! Good luck.