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A blown head gasket can allow oil to leak. I have seen that on a Ford 460. That said, a blown head gasket can also show up as low compression on a cylinder or two. It depends on what actually happened when the gasket blew. Overheating will cause them to blow also. You really need more info on that engine before spending money on it. You may be better off buying a different used engine.
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RRGrassi
70's Southern Pacific #5608 Fairmont A-4 MOW car
13 VW JSW 2.0 TDI 193K, Tuned with DPF and EGR Delete.
99 W210 E300 Turbo Diesel, chipped, DPF/Converter Delete. Still needs EGR Delete, 232K
90 Dodge D250 5.9 Cummins/5 speed. 400K
Gone and still missed...1982 w123 300D, 1991 w124 300D
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