Long as your not a quart overfull you'll be fine. I think new pumps are rated at 50 psi. Pending on the thickness of the oil. I need to get a gauge on mine so I can see because I just put a new one in.
My 305 is a 67 so it has the built in PCV system in the heads. With the breathers I have, I have found it common for some oil to dribble out and drip onto the valve cover or towards the back of the motor. After a fairly long drive it's now a custom to pop the hood and wipe the covers down. haha Can't let that pertty paint get oil stained! Never did this until I put the new pump in...telling me the top end if finally getting some oil. Plus...now that the motor is clean internally that helps a tad to.
