I've been in frequent communication with steve on this problem.
I have carefully examined the oil system diagram in the IH truck service manual. Each bank of cam tappets are supplied with oil from a gallery that comes from the rear cam bearing area. Pressurized oil that leaks from the rear side of the cam journal fills the cavity area created by the rear cover plate for the cam. Oil then flows forward, through a hole in the block on either side of the cam bearing saddle area, to the left and right tappet galleries. The manual notes that the oil supplied to the tappets is intermittent, and at a reduced pressure. There is a plug for each gallery at the front of the block.
I'm pretty sure I would have noticed a missing plug at the front of the block when the short block was on the engine stand. A leak from the cam rear cover plate should be very noticeable down the back of the block. There is a slim chance that the front plug is not fully sealing (seeping through the threads).
My line of thinking now shifts to a possible clogged oil gallery for the right tappet bank.