Drain rad..found oil?

[Tedders]

Drained the rad as I will be pulling the engine tranny for cleaning and paint. Didn't notice anything out of the norm when it drained. I did note smell of gas in rad but the transporters couldn't figure out advance spark etc and they flooded the hell out of it.

When I checked out the bucket noticed a thick layer of sludge oil, and some seeping out of lower water pipe. Checked the oil in the engine it looks new and nice...thoughts?

P.s water pump looks good no over oiling