If you all have the IO 550 you might want to continue to read.  As the discussions continued on oil separators, breathers, etc I was becoming concerned.  Someone mentioned having the correct dip stick.  In my paperwork I found a TCM service bulletin regarding dip sticks and that you need to check to ensure you have the correct one installed.  I couldn’t find a part number on ours.  So I ordered one.  

When I compared the two, I noticed that they were almost a quart apart.  It would seem that I was overfilling according the new gauge, which might explain all of the oil on the belly of our plane.