The cylinder heads on the 29 Chevys are very good for cracking. I just had a head that I pressure tested to 80 psi which checked ok. Had the head cleaned by a machine shop and then magnafluxed to have the head rebuilt. They found 7 external cracks in the head around the valve seat area but seems they have not gone all the way through yet. Also check your head gasket around the fire ring area by the water passages to see if the head gasket looks black and burnt. This would indicate cylinder combustion gases going pass the head gasket into the cooling system causing the air bubbles in the cooling system. This could also be oil or slime in your cooling system that you had. Head gaskets can do this if the cylinder head in not retorqued after the head gasket has been replaced.
If you need gaskets, let us know. We have a head set for 29-31 engines, the oil pan gasket and other items. Check out the website
www.marxparts.com ,e-mail bob@marxparts or call 715-652-2405.
When you pull the oil pan off, make sure you check that the rear main bearing cap oil return passage is clear and that the check ball is working correctly.
Regards Bob@marxparts