Hi, thanks for all your really helpful replies. Seems like the engine it was on was in really bad shape. I guess the vent valve must have broken. As recommended I will probably just wipe all the rubbish off with a rag.
Unfortunately there is some play in the back ends of the rotor. I think the needle bearings have gone, as their is some wear to the rotor edges. The wear gets less and less the closer you get to the front of the SC. Seems easy to replace. Knock out bearings from the back, knock new pair in. Bolt back together. Hope thats all thats wrong with it!
Quite a lot of oil came out of the snout when I took it apart, so I dont think there was an oil leak from the SC assembly
Thanks for your help people!
Dylan