So i was able to take my jet boat out for the first time today at El Capitan. It was just like all of you said, super easy to launch/recover, easy to handle and man, what get up! Talk about instant throttle response! WHAT A BLAST! It was pretty easy to figure out the different settings for the place diverter at diff. speeds. The only thing thats gonna take some getting used to is low speed manuvering at and around the dock areas and such. The more i do it the better i'll get at it. There really wasnt much reverse, even when i gave it a little gas. I guess im just used to a little more control with outdrives/outboards, big deal...jet boating is where its at! Thanks to everybody here who responded to my posts, marcsrollin and hotrod56cars, i really appreciate all your responses and advice.

The only thing i noticed when i came back and was cleaning it was that at the rear of the engine i noticed a bit of oil spray. It kinda looks like it started where the engine hooks up to the pump and went up to the back of the air scoop. It wasnt a heavy spray but it was enough to give everything back there a very light coat of oil. Im guessing this isnt normal. I cant really tell where it would be comming from. Would it be comming from where the engine hooks up to the pump? When i had over at JP Marine Joe checked everything and didnt see anything wrong but im sure he wasnt running at the constant RPM's i was today.

Any ideas/suggestions?

I was thinking about reving over to JP Marine tommorow with the boat and have Joe take a look and get his opinion.

Glad you had fun and everything went ok. El cap is a good lake to learn on. Also it's a good idea that you are going to take it back to joe. Hope to see you at the lake (that's were we go)

You just go to the back of the lake and hammer it. Just look for the ranger boat. The best is, make one pass and then turn around. And hit 100mph. A picture of the lake, my boat's first run. I'm taking the picture, they were running 95.

Ok, maybe a little to excited!

Hotrod,
  Its a 460, i dont think it came out of the valve cover breathers. It pooled a little bit at the back of the intake manifold in one of the low spots. The valve covers barely had any oil on them at all if any, it was more just the back end of the motor, a little on the block and it kinda follows up to the back of the carb and scoop. I checked the oil and the level was fine and when i was running it today the oil pressure was good. It deff. looks like a light spray pattern.

hmmm??

How about an uncapped PCV/vacuum port on the back of the carb? Bottom of the carb in the ceneter...

bkplesh,
  There was a little water in the boat but the oil didnt feel like or look like oil mixed with water but i wont count it out, i'll ask JP Marine about it in the morning.

hotrod,
  That could be a very good possibility, im gonna check it first thing in the morning. The carb is a Holley double pumper, what size i dont know, im thinking either a 650 or 750, it doesnt say anywhere on the carb.

What's your boat look lik? I was out a El Cap today too.. Still dealing with my engine problem...  did get it to run up to 5000 RPM's when I retarded the timing way back.  problem is it wont start or turn over there.  I may try your guy Joe too before the next run if I cant find the problem.

It is just before #1 at TDC...  It starts great at 30+ deg BTDC @3000 RPM's but for some reason doesnt want to turn over @ 10 deg, makes no sence to me.  Should turn over easier there...  Also I wonder if the lack of HP at the retarded timing isn't putting the same stress on the engine so not getting the valve lash... or I have a lifter thats not bleeding back down properly (per Lakes Only) but that doesnt explain why it works at the lower timing.  Lakes Only said it should be around 30 deg @ 3000 RPM's for my set up.  sigh I am running out of ideas.  It sounds metalic and not the sound of detonation that is much louder and stronger. It sounds like the valve is kissing the piston (if I had to guess)  butI am far from and expert  I just hate to pay someone else to fix my project

 
    I SHOULD HAVE READ YOUR CONCERN MORE CAREFULLY. MAYBE ITS A RETARDED CAM, PUT CYL # 1 THATS FACING THE MOTOR
WITH THE REAR OF THE BOAT FARTHEST FROM YOU, #1 CYL ON A FORD IS ON YOUR LEFT, ANY MOTOR THE CLOSEST TO THE FRONT VALVE COVER WILL CONTAIN CYL #1. TURN THE MOTOR OVER WITH CYL #1' S PLUG OUT, STICK A DAMP PAPER TOWL IN
CYL #1 & TURN THE MOTOR OVER & QUICKLY STOP TURNING OVER AS SOON AS THE DAMP TOWL POPS OUT THE HOLE. THEN WITH
THE CRANCK SHAFT TIMING MARKS SET BACK TO 0 DEG. THIS WILL BE TOP DEAD CENTER, THAT IS CYL #1 AT ITS COMPRESSION STROKE. REMEMBER THIS, THE FOUR STROKES OF A MOTOR ARE, SUCK, SQUEEZ, BANG, & BLOW. I KNOW I CANNOT SPELL BUTT. GOOD LUCK. E-MAIL ME W A CONTACT # IF YOU WANT TO TALK. REMEMBER THERE SHOES TODAY MAYBE OURS TOMARROW. HELP
EACH OTHER ON LAND OR WATER, ONE DAY IT'LL COME BACK TO YOU.....

Chaz,
  Its white with blue metal flake stripes on it. It has Bassett twisty headers sticking out. I was only there from about 10:30 till about noon. It was just me and my buddy, we pulled it out with a silver expidition with a firefighter sicker on the back. Did you see us?

It's a Ford and trhat means that the oil pressure sending unit is on the back , right above were your distribution /circuit breaker should be. That could also be the source of your oil.

I'm pretty sure I saw you as we were pulling in.  If you are just leaking from the sending unit that is an easy fix,  Pull it out clean the threads, put some pipe thread tape or equivalent on it, and screw it back in fairly tight.  No more leak.  My Ford vents a bit of Oil smoke from the breathers.  If you have a set up that pulls this back into the carb and that line is leaking this could account for a little oil, but I dont think it would make enough for a puddle in 2 Hrs.  Let us know what Joe found.

Chaz