A quick update on how I spent my Friday afternoon:
The engine started in a sad state. I've been slowly rehabilitating it.
Stripped off the old valve covers. They're covered in grease because the gasket is broken. Put a new gasket on (with some Gaskacinch-type silicone along the engine block) and that fixed the oil leak. I also installed nice, shiny valve covers:
I have more chrome to install later. Need to clean up and paint the engine. I've heard good things about Rustoleum black semi-gloss for engine compartments.