Re: oil coming out of dipstick at high rpms??
Definitely shift your focus from the dipstick/tube back to the valve cover vent hoses and/or PCV system....
Even if the wrong dipstick and/or a missing o-ring (as others have mentioned), oil should not be being forced up the dipstick tube - regardless of rpm. The only thing that will cause this is excessive crankcase pressure.
As others have mentioned, check to see that the hoses coming from the valve covers are not clogged - you may have to pull each valve cover to ensure the baffles inside are also not clogged etc.
You may only have one hose from one valve cover venting into the flame arrestor. You may have a hose coming off of each valve cover, at least one (or both) will vent to the flame arrestor. If one of the hoses/valve covers has a PCV valve, that hose should be attached to a manifold vacuum source - as in not "ported vacuum." This should either be from the top of manifold or at the base of the carburetor. If you do have a PCV valve and it's installed correctly, ensure that the valve is good. Sitting for three years I would bet the valve is rusted/clogged/stuck closed.
Then again, if you find a PCV valve with the hose venting to the flame arrestor, someone has either installed a PCV valve inappropriately, or inappropriately vented an existing PCV valve to the flame arrestor vise a vacuum source etc..
Bottom line, if the engine is sound, you have a simple crankcase ventilation issue. If you really want to verify the pressure, perform the same test as above yet when the oil starts coming out of your dipstick tube, then pull the fill cap and I could near guarantee the oil would no longer come out with the cap removed...
Cheers