Im with TeddyBear that way to much oil coming out. I wonder if the rings are placed correct on the pistons. You dont see mod truck blowing oil like that in they are built loose.
I had some blow by at first with my motor but after a few hooks in about 30 miles it has stopped. If i was you Rusty i would start checking some things.
Had a buddy that just switched to 4.88's. He didn't like his 4th gear gook at all. He's looking at adding some more power to pull 4th, but until then, I think he is going to 2nd.