jethro wrote:PS: I am considering taking the pan off to clean out any sludge and to have a look at the bottom end........
That won't hurt. It's always a good idea to remove the pan to inspect everything and install a new oil pan gasket while the engine is on the ground.
The best thing to do to clean out any carbon built up in the cylinders is to run the engine HARD, get it good and hot, put it under a load etc. I experienced the same thing with an engine that sat for two years when I did my crew cab conversion. It would slobber oil out the exhaust at an idle. I did about everything the Cummins book said to replace. New valve seals, injectors, turbo, and added additional crankcase breathing. It wasn't until I took it out on a 50 mile roadtrip to flog on it and get it good and hot that it stopped slobbering oil.
A buddy of mine, Michael Miller said at an AG shop he worked for, would rebuild engines for tractors, combines etc in the fall. Then the customer would put the equipment up for the winter and come spring time it would experience similar spitting oil issues. Once they would start working them, the issues would go away.