Fuel/Oil spewing out of breather valve on valve cover.

Very good advice on making sure the PCV system is intact and working right. Make sure you use the correct PCV valve; see here.

(And for good measure: Tune-up parts and technique suggestions in this thread. The engine will need periodic valve adjustment. Carburetor operation and repair manuals and links to training movies and carb repair/modification threads are posted here for free download.)