What do the bottom of the rod caps look like? There are usually little bumps that indicate which way they are supposed to face (double check the service manual!). Looking at my Pontiac pictures, mine face forward.
On my Pontiac 250 engine, the oil spurting hole there is facing the passenger side of the engine, which is the cam side of your engine. From what I read, this was to help lubricate the cam, and in my engine's case the distributor gear drive and fuel pump lobe.
