I have a TS1610F that is the same tractor as yours with slightly smaller injectors. I discovered the same type of problem after I purchased my tractor. In my case, the rear cylinder rings were leaking by 38% when I did a cylinder leakdown test (I'm told it must have overheated at one time and the rings lost their tension, since the bore measured almost no wear). Anyway, the symptoms were: oil gushing out of the valve cover breather, and it would gush out of the threaded dip stick opening when I removed the dipstick. This would all happen after about 5-minutes of operation.
In your case, with no oil coming out the breather, I'm not so sure you have the same problem. (A compression or leakdown test would tell for sure). For some reason, these particular Isuzu motors don't have a crankcase breather tube from the crankcase to the valve cover as most other motors do. For that reason, I think the dip stick is threaded into the pan so that normal blowby (which all diesels have) won't get past the dipstick. To conclude, you may not have a problem other than a bad oil pressure sending unit, or you may have an oil pressure (or level) problem which wouldn't necessarily be related to the crankcase pressure. After all, my tractor showed 62-psi pil pressure when I was having the blowby problem. Let us know what you find and if it is the worst (top end rebuild), it's not hard to do on these motors because you just have to pull the head, remove the front drive shaft, and then the oil pan to get to the rods, pistons and hone the cylinders. Good luck.
Bill in CO