Well, the LT1 gave its all...this is on my garage floor:
Appears to be the rear main seal. Not looking forward to pulling the trans...on my back. But, I like to cause my own problems and attempt to fix them.
My second compression tester arrived Friday (the original is in storage back in the states - love buying things twice)...see if the engine is still healthy - currently runs great and obviously still makes great power. Even the mileage is normal with a smooth idle.
I also ordered a oil cap breather (with check valve) from Jannetty to bleed any crankcase excess. We will see how that works.
The car has my new found respect in performance - pretty incredible for a Chevrolet price.