2 qts over is an awful lot. it is a science to really read a dipstick correctly with new oil in the pan. but it sounds like you have a 7 qt. pan. theres no way your car should have almost 7 qts. in it stock. it will mess up your motor and cause it to run sluggish. if anything you should use a little less than 5 usually due to some oil still left in the pan after draining. i dont have the measurements offhand but maybe someone could tell you how long your dipstick should be. maybe yours is too short and incorrect. a new one is cheap!
i had a simalar problem on an old 302 as well. When i removed the valve covers one day i got oil all over the place. the valve stem umbrellas had hardened and broke off the valves plugging the oil return passegases, making the oil return down pushrod holes.