Hello Curly..Too much oil is quite a bad thing.....Does the oil look to be leaking from the pipe joints or actually from somewhere on the intercooler,if this is so,your intercooler has a hole in it somewhere,There will be some signs of oil about in the pipework of the intercooler etc,but shouldnt be full of it.If it has alot of oil in the system it may pull it through and cause the engine to run away,which can fatal for the engine,and for anyone stood close by..
Pull ure pipes off and have a look,if theres a fair bit in the pipework drain it out,get the oil level right and give it a steam off under the bonnet,then run it for a bit and see if the oil comes back....I think that makes sense...No doubt Matthew will correct me !!...Hehe !!
I sent you my number in a message,I had a P38 T.D so know the ins and outs...Phil