Did you check the valve lash? I don't think that was mentioned - and should definitely be tried first.
The valves may not be able to close.
As for the oil - I'd still suspect a head gasket - but it's possible when towing it it's drawing oil in around the valve stems and blowing that out the valves that aren't able to close.
Vacuum is a lot stronger at lower rpms - though - if valves aren't closed should be very low...
Either way - nothing should be blowing out the carb - fix that first and see what happens.
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Today's Featured Article - When Push Comes to Shove - by Dave Patterson. When I was a “kid” (still am to a deree) about two I guess, my parents couldn’t find me one day. They were horrified (we lived by the railroad), my mother thought the worst: "He’s been run over by a train, he’s gone forever!" Where did they find me? Perched up on the seat of the tractor. I’d probably plowed about 3000 acres (in my head anyway) by the time they found me. This is where my love for tractors started and has only gotten worse in my tender 50 yrs on this “green planet”. I’m par
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