I remember the first time I took my 71 350 apart, the connecting rods had a "spit" or "bleed" hole on the parting line of the cap and rod, and the bearing had a corresponding notch on the bearing parting line. I believe it was to "spit" oil on the cylinder wall opposite the rod. In subsequent years the spit hole would get smaller and smaller as the rods were resized, and someone told me its not used anymore.
Lots of engine families used spit-holes in the connecting rod parting line. Far as I know, all the GM brands quit that during the '70s some time. There's enough oil thrown off the edges of the bearing that there's no need for a spurt-hole.
I always thought it was to spit oil up on the cam lobes. Probably wouldn't need that with roller lifters. I've been adding them back in using a zip blade in the angle grinder.
I once seen a 318 Mopar, an early poly, that had a clear plastic oil pan. At an idle, 6-700 RPM's, with normal oil temps. it looked like cotton candy in there. At 3K RPM's one could barely make out the rods & crank.
