I recently did the external oil drain mod. Not because my engine was starved for oil, that has never happened. But because I was getting massive amounts of blow-by from the head being full of oil.External oil drain solves both of those problems, and I wouldn't worry about cams drying out, they're supplied with pressurized oil from underneath.
Here's a link to the external oil mod I used (although I ran mine on the passenger side).
http://www.spoolimports.com/co...t.asp