Some red high temp RTV is oil resistant. I've got a can here that is. I've used it a few times, so far so good, and seems to dry nicely. Haven't had a leak yet on the Cummins I used it on. But, I do prefer the Versachem Black RTv. Anyhow, this is what you do Phantom:
Take the engine out of the chassis for ease of access to everything. Take the top end apart and verify 2 things. 1, that there was indeed a problem with the oil rings (bottom 3 piece deal). 2, make sure there is no damage to the cylinder walls. If there is, it MAY need to be bored out again, if it is severe. If not, just a hone job will do it. Once you know the condition of the bore, and assuming it only needs a hone job, get new rings. Make sure to gap the rings properly.
While you have the top end off and the engine out of the frame, turn it upside down (nothing will fall out), clean off the cases off all oil and debris, then use UltraGray RTV on the seem for the center cases. Let it set up over night, then put her back together. Get a complete top end gasket kit, that way you will have valve seals. Take the head and valve seals to a reputable shop and have them do a valve job and install new seals.
ALthough porting the head is going to get the most out of the cam you choose, going with a S1HC will still perform well even with an unported head. It will give save you some money and still give you a power boost.