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Are you sure it's from the valve cover gaskets and not the intake manifold gasket?
Just saw the part on the 350: if it was me and if it spin freely, if there is no oily dirt on the exhaust (or something trying to find its way thru the block) I would run away with the engine in a minute. If the engine has carburetor, plugs, plug wires and distributor, it should be easy to make it run to see if it smokes or have a bad noise (even if you have to bring a battery + starter and some gas).regards Pedro