I have a 1966 Morgan 4/4 that was restored in 2015. On hard acceleration I get oil from the dipstick tube which then hits the hot exhaust. This occurs when the engine is warm and/or when the air temperature is above 80F. The oil blow by is almost non-existent when the level is below min on the dipstick. I have had 2 mechanics look at it and the least expensive answer is overfill. I just measured the oil to the bottom of the pan and the dipstick is about 2 1/4 inches shorter than the distance to the bottom. Is that normal? I checked 1970 below because it did not offer 1966 as an option.
You will probably have to searce for a Morgan owners site to get a good answer. Or find a mechanic that is familiar with Morgan’s ( or at least Triumph.engines). But I will offer some generalized comments. Somewhere you are building up pressure in your crankcase. Does your Morgan use a PCV valve? Assuming the engine builder used the original oil pan you could drain the oil and measure the old oil to see if it was indeed overfilled. It is possible the rebuilder used the wrong dipstick. Was the correct oil cap used?
One question, how did you determine blowby is almost nonexistent?
If you know how much oil this engine is supposed to take, I would drain it and refill with the correct amount and see where that falls on the dipstick. If it is still blowing oil out the dipstick tube I would see if you have all the correct parts or even correct engine for this car.
I think a 66 anything in the US would still have a road draft tube to vent crankcase vapors, If a later engine was installed during the rebuild, does it have a pvc valve?
Was there a vented oil fill cap that was replaced with a sealed one.
You need to find out how the crankcase is supposed to be vented because if you seal everything up tight you are going to blow oil past the crank seal.
To live with it in the meantime I would try to find an aftermarket oil fill cap and drill a small hole in it. That was a “fix” I used to use on $200 slant six mopars that I used to rescue for one last stop before the junkyard.
The engine is a 67 ford X flow and was certified by the Morgan factory as being correct for the car
As for the blow by, after each episode I wipe the engine down. When dipstick reads min. I get very little or boil in the engine compartment.
The standard answer for oil leakage in an English car is: We can’t stop the oil leaks, But we can slow it down a bit.
You need a Morgan forum. http://www.talkmorgan.com/
My bad, first source I looked at mentioned Triumph engines.
Maybe the crankcase is getting pressurized for some reason. Incontinent piston rings, plugged up crankcase ventilation system (PCV if so equipped), something like that is worth a check. No Morgan experience though. If you had a Locomobile, couldn’t help much w/that either … 
Yeah I would look at the breather tube. Back in the day the packing inside the breather would get clogged with oil and we used to just light them on fire to burn them out. I don’t quite understand the Ford engine for a Morgan though, but I’m not English.
Nope
PCV systems were mandated in The US beginning with the '63 model year.
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Beginning in the mid-'50s, Morgan has used only Ford engines.
English Ford engines. Not the stuff we have in the US. Ford sold engines to other manufacturers. Saab, for instance, used the Ford V4 in their Sonnet.
My first step would be a compression and leak down test (dry/wet) to verify the ring seal integrity…
The Sonet. And in the 95/96.
A myriad of English Ford models.
Well, it’s Sonett, 2 ts, 1 n…
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And right You are. 
Ford has participated in making engine blocks that have been used all over the world, for years. The way they are set up - heads, valving, orientation in the frame, etc., varies a lot. My 02 Miata shares a block with a US market Ford Focus.
Anyway, I agree with the idea that someone has to determine the needed amount of oil for this engine, then fill it to that amount and see what the dipstick shows. It surely would not be the first time the engine had the wrong dipstick and even the dipstick tube could be the wrong length too.
Thanks to all. Compression test was done with dry cold reading all in 150-155 PSI range. Took packing out of breather this AM and checked all the tubes. Nothing seems out of the ordinary. Will keep trying. Oh yes this is a Ford Kent X flow competition engine with 2000 miles on the clock. The car is RHD originally purchased by a US Army LT in the UK. Again thanks for all the help and I’ll keep you posted.
PCV valves were mandated in California in 1963, 1967 for the rest of us. I had several 1966 slant six Valiants with road draft tubes. The fact that he removed the packing form his indicates his 66 Morgan also has one.
I think that the OP likely resides in The UK, and their emissions regulations are probably not the same as ours in The US.
I can tell you that my father’s '63 Plymouth (Slant Six) Belvedere had a PCV system, as did his '66 Ford Galaxie 500 (289 V-8), and we didn’t live in California.
From Wiki:
According to Wiki…
Positive crankcase ventilation was first factory-installed on a widespread basis by law on all new 1961-model cars first sold in California. The following year, New York required it. By 1964, most new cars sold in the U.S. were so equipped by voluntary industry action so as not to have to make multiple state-specific versions of vehicles.