Just installed rebuilt 292 V8.  Added ZDDP enhanced motor oil and connected to oil pump to prime.
Was watching for oil at the rockers.  No Oil.  Then noticed a pool of oil below the dust cover on the
clutch/bell housing at the rear, bottom of engine.  Primed a bit and was quite a stream of oil.  Slight leak at valley pan.  
No leak at external oil pump and connections.  Not familiar with these engines, thats why I bought a
rebuilt engine. Don't want to take engine out just yet as want to see if anyone might be familiar with 
any ideas why there would be such a stream of oil in this location.  Any help appreciated