Hi Jay . . . 'splash' oiling is a misnomer. There are in fact hard lines to jets in the pan that supply oil under pressure to the rods. There is an opening in the bottom of the rod cap and dipper to catch the stream of oil.
The 1937 short "Riding the Film" documents fully what was then the cutting edge of GM technology:
1937 Short by Jam Handy '37 was the first year for the 216. Based on the writings of Roger Huntington the stock oiling system is good to 150hp with a redline in the low 4000s. One needs to convert to full pressure to rev higher or put out more ponies . . .
regards,
stock49