Air breather full of oil

Ok here is my story. I left for work yesterday in my 1988 B2200. It was a cool 32 and my b doesn't like it, nothing new it usually take awhile for her to warm up. Well after driving about 12 miles she still doesn't want to run on out, i can't get anymore than 40mph. So I stop thinking my chock may be stuck, not the case the chock is open. so I continue my 45 mile trip to work and the closer I get the worse it starts to run. I make it to work and look in my air breather and is full of oil. ok I thinking its not getting enough air do to the soaked filter, nope thats not it still runs like crap. I got it home and tried to figure what was going on. I'm lost I dont know how all that oil got up there and why it run right. I checked the pcv, and looked for unhooked vac lines. I also did a compression test ans got around 110 psi avg. on all cyclinders. Oh I forgot in a weeks time went from 19mpg to 14mpg. Any advice would be great.

110 compression is too low, are you sure that your timing is alright? It sounds like your timing might be off a tooth. Also make sure that all spark plugs are out and the throttle is wide open for compression testing.

The oil in the filter area is common for our trucks a this age, try using a NEW OEM pcv valve, not a cheap one from Autozone and the such. There might be too much blowby though, which would signal the need for a rebuild.

Check you plugs for fouling while you got 'em out.