One possibility is that someone dumped coolant into the engine oil fill by mistake/lack of knowledge, etc....just didn't want it to freeze and burst over the winter and was in a hurry, "this must be it".
I think I'd pressurize the radiator to about 2-5 psi and see if you get any more running out the oil pan drain plug (or could feel the air).
If that holds, I think I'd fill with (cheap) oil again and run for a few minutes and drain it again.
If that holds, use a name-brand oil and do some testing!
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Today's Featured Article - Fabricating Sidesheets - by Chris Pratt. The easiest and best first-time project for wanna-be sheet-metal workers like myself is flat or nearly flat metal cut and drilled to be a tractor's sidesheet. A sidesheet is sheetmetal to cover either the engine as in the case of early Oliver's, Massey-Harris' and many crawlers or the wiring and electrical components as in the case of the Massey-Harris Pony, Allis Chalmers' D Series (D-14, D-15, D-12, D-10, D-17, and D-19). The need for fabricating becomes obvious when you go to buy any of these
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