sounds normal to me, the burnt small coming out of it as you tear it down is probably from the musty oil threads turning after almost 50 years and generating a tiny bit of heat creating the odor. almost like hypoid gear lube?
Priceless!
sounds like it was stored at just the right time before the timing sprocket let loose & trashed the whole deal otherwise all you're describing is normal wear.
definitely carry on, the sonic check should be interesting being a D0 block,
D0AE- what's the dash letter?
other codes to look for the cylinder head casting date code in the corner under the valve cover area and the engine assy build date code hand stamped into the front face of the block near the timing pointer
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