I don't think it's too much oil pressure. I have 100 psi at idle cold.
Are you able to start the car and look around when it's running?
You're sure the oil isn't coming from up top?
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You say oil on the bell housing or coming from inside? Is it an auto? If so pull the inspection plate and you'll see if the oil is coming from the main seal. If the oil is on top of the housing then I would suspect something else.
Yes, 727 torqueflite. Bottom of the bellhousing and around the sides. And straight back on the trans pan and h pipe. I haven't pulled the inspection cover yet. Nothing up top leaking that I can see.