I personally don't see anything all that disturbing just yet. I think a lot of it is simply the air pulses from the 2 cylinders being in-line with each other. The only way to tell for sure is to test crankcase pressure ( supposed to be a slight vacuum ) with a monometer and not rely on what what you see when you open the oil cap or pull the dipstick.
It's a good sign that you're up around 80% + load with no smoke, so I'm not overly concerned.
I don't know where you guys got a good look at the oil color. You aren't going to be able to tell by the little droplets spitting out of the dipstick hole.
He needs to run it, then shut it down and take a look at the oil shortly after, to see if it's got any milkshake to it or if it was just aerated from the crank pulsing.