What is this and why is it full of oil?

[bball7754]

1 hour ago, IamScotticus said:

Yea, you got a unicorn there

For those reading along, or curious, here is what the part looks like:

 

[jbcollier]

In your the first post you stated:  "It loses oil pressure when the dipstick shows half a quart below "H"

 

This is a problem.  Drop the oil pan and see what's up.  You should be able to be much lower on oil and still have pressure.  Something is wonky with the oil pump pick up.

 

First though do a compression test and a leak down test.  The gods may be trying to tell you it is time for an overhaul.