During my banner towing days on the Jersey Shore, while towing the Allen Carpet banner near Sandy Hook, NJ and just about to cross over to tow Coney Island beach NY when I lost one jug on the 150HP Lycomming.
The aircraft was a J3 Cub modified for banner towing. Hot Oil was thrown up on the windscreen and I had to side slip left and right to see, I had the right side of the J3 open and I had to lower the left side window as it became covered in oil film to be able to continue to see out that side when I slipped in that direction. As I remember it there was no white smoke, just heavy black smoke out of the exhaust stacks . I think HT has it pretty much right the way it is.
Oh, I lost the banner, but was able to put the J3 down at the fish factory which had a runway for the fish spotter fleet that work out of Leonardo NJ. The aircraft which was classic Cub Yellow at the start of the flight was now black from the spinner hub back to the cockpit and brown from the cockpit back to the tail. I was covered from head to waist from leaning out into the slip stream to see where I was headed. You could not see forward through the windscreen at all. The inside was a total mess. Oh yea, the oil was very very hot. I had a few second degree burns on the face, neck and arms.