Well, let me say this in my best "Bones" voice:
Thanks for making me check the leak-down in the other cylinders, even if it did rip out my heart and stop on it.
They're all showing "moderate" leakage, and it's mostly out the crank case. Bad rings. Bad news.
Time for a new motor (and probably a new carb). At least now I know. Thanks for all the patience and help on this!
One thing that might cause that is excessive blow by (worn piston rings/cyls/pistons) putting oil vapors into the hoses and as it cools it drips down into the flame arrestor and then the carb
This is the only theory I can come up with. The port side crankcase breather is an open elbow and feeds straight into the arrestor. The "foam" gasket at the arrestor was quite oily. The starboard side breather routes through a PCV and into the intake manifold at the bottom of the carb.
I'm guessing that there's something else wrong with the motor as well, but it's just not worth spending any more time on it. Now I've got bigger fish to fry.
Side note: For what it's worth, I was having a booger of a time finding the "leak" source since the noise seemed to come from a very generalized area. So, being an old "audio" guy, I know mics are very susceptible to wind noise. I made a video recording while the leak-down test was running, and held the phone's microphone over the ports I have exposed (exhaust, thermostat, distributor, and intake). You can listen to the video below if you want. While the "intake" has a good bit of noise, I believe you're just hearing the wind noise blowing through the crank case. When I hover over the "distributor", you can clearly hear the "wisp" of wind. Maybe this helps someone who finds this later.
https://photos.app.goo.gl/j2fQ8LXkBNgKL5nK8