I have a 1984 ford ranger with 135,000 miles. Its a 2.0 liter and its slowly leaking oil when I rev the engine to higher rpm oil is sprayed all over the underside of my hood. Could it be the valve cover gasket?
Sounds like its not a small leak if it is literally spraying all over under your hood. Kinda hard to diag an oil leak without seeing it. I would say to steam off your entire engine and let it run for a while and watch for oil seeping out from somewhere. They also make dye you can add to your oil that shows up really well with a blacklight that might help also.