Yes, excess crankcase pressure can cause oil consumption, and main seal leaks, and blowing out the dipstick or anywhere else it can find it's way out.
Since finding the vent plugged, I think I would just set the valve lash, put it back together and see what happens.
Symptom of bad valve guides is blue smoke on start up that clears out once up and running.
Symptom of bad oil rings is blue smoke under load.
Symptom of bad compression rings is excess blow-by, puffing smoke and oil mist out the vent tube, worse under load.
Now that the vent is clear, and you get it up and running, watch what symptoms you see, then make your decision.
One thing to watch, if you do pull the head, don't turn the engine with the head off until you secure the sleeves down with a couple of bolts and flat washers. They just sit in the block with an oring seal on the bottom. If allowed to move, the seal will be broken, sediment from the water jacket will get under the sleeves, and they will have to come out and be resealed. Major job!
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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