Whenever I have seen this it has been blow by on the rings as
you have already suspected. But as quickly as you describe it losing all
the oil is pretty crazy.
I have not seen it caused by valves leaking but it sounds possible.
Am wondering what the cylinders looked like when you had the heads off.
Were they scratched or did you happen to put a mic on them to see how worn.
I suppose there is a possibility that there is a chunk of junk in the drain
back hole keeping the oil from draining back into crankcase.
Time for a compression check or your leak down test.
Feel free to rant, sometimes it helps for a minute or 2.
Great engine and tractor, worth the work. You'll get it going. Let us know
what ya find.
Ken
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