Re: 1934 v8
Far fetched and not likely given recent rebuild, but it might be an out-of-round rear crankshaft journal or babbit bearing. Worth checking if you're otherwise removing the rear main bearing cap. Also worth checking would be your oil pressure at various rpm.
It sounds as though it is overwhelming the ability of the drain tube on the rear main bearing cap to drain off the oil at speed. Per chance was a drain tube installed with a check valve built in? Not original in '34, but not a bad idea unless the valve gets stuck in a closed position.
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