1. No it's not severe
2. The problem is leaky stem seals. They're inside you valve covers, and they are part of a valve cover gasket kit. You'll have to remove the intake, and valve covers, and replace the valve cover gaskets as well as the stem seals. They pull out easily, and seat back in easier. Torque the valve cover bolts 7-12 ft/lbs, and all the intake bolts 11-17ft/lbs.
3. Got to the nearest grocery store, and buy a turkey injector. It's a huge needle like the doctor uses, but much larger, and it has a very long needle. Stick the needle down in the well, and suck the oil out, you should be able to get most of it out. Costs about 3 bucks, and prevents oil from getting in the cylinder head. SHOULD some oil slip into the head, take all the plugs out, and AFTER the valve covers are reinstalled, try to crank the car a couple times, of course it won't start, but it'll blow the oil into the exhaust system, and you car will be a little smoky for a few miles. The needle is the best way to do it.
I did this 2 weeks ago, to 2 cars, at the same time. Truth be told it took us about 10 hours but we both cleaned our intakes thoroughly. It should take you 3-4 hours, if you have everything.
You'll need:
3/8" drive ratchet
3/8" drive torque wrench
10mm deep and shallow sockets
12mm shallow socket
12mm wrench
15mm wrench (or crescent wrench)
19mm wrench (or crescent wrench)
needle nose pliers
and I suggest a pair of lineman's or slip joint pliers.
some of the hose clamps have 3 teeth and needle nose pliers don't get all three teeth, and it's really hard to move a clamp like that. The gasket set is cheapest at Autozone, it's a Felpro set, p/n VS50378R, for $71.99. It has new valve cover gaskets and 6 stem seals, and the stem seals are about $50 by themselves. If you have the intake off and wanna rebuild it, the gasket set is cheapest at NAPA. About $40, and has all the gaskets for the intake, EXCEPT the TB gasket. Good luck, and might wanna get some help to pull the intake off.