Here it is, I pulled a valve cover and it looks like someone was running tar in this engine...

So what should I do? What does this likely mean? What are the options for a guy on a tiny budget just trying to get the engine runnning? Will running some modern oil in here break up that sludge?
How do I know if the modifcation to get oil to the valvetrain was ever made..I assume if things are this dirty the cam bearing oil passage to the valves is clogged?

Nate - Madison, Wisconsin 56 Ford Customline Sedan