Interesting, I got the vin off the block (at long last) today and it is 2S2232918 which means it is a '95? I talked to the dude that I got the engine off and he still swears its out of a 94 camaro, warranty engine maybe?

 

I'm sure some of you know about converting the 94 opti's to vented with a 95+ cap but I'm sure you could do similarly well by just venting the 94 opti using one of the vent holes for the vacuum side and the other two for a clean feed line from the intake tube. it wouldn't be quite as effective as the 95+ design but it would allow you to completely seal the housing and prevent rust and corrosion from standing moisture.

 

Keep in mind also that you can run a vented opti cap on a non vented opti.
I have one on my 94, just blocked off the vent hole with a vacuum plug.
This may be what happened to yours.
I believe the timing covers are different on vented versus not vented optis so running the part number from the timing cover may shed some light on whether its a complete vented setup or just a vented cap on a non vented opti.

 

LT1 Cruiser, for more info on the famed cruiser LT1 swap try to contact a guy in Washington. That is all he does and I'm sure he has some better ideas on how to avoid the water and opti problem.
Tomorrow I'll try to get his name for you. Good luck!

 

Do it like they used to do the Model A magneto which was mounted on the front. They used to pack it in bearing grease to water proof it.
Really.