Lycoming calls the lead that ends up in the oil "Lead sludge":
http://www.lycoming.com/Portals/0/techpublications/TechTips/Key Maintenance.pdf
Originally Posted By: Lycoming
The oil and oil filter element should be routinely
replaced after each 50 hours of engine operation, and the filter
should be cut open in order to examine the material trapped
in the filter for evidence of internal engine damage. In new or
recently overhauled engines, some small particles of metallic
shavings might be found, but these are not dangerous. Metal
found after the first two or three oil changes should be treated
as an indication that a serious problem is developing and a thorough investigation should be undertaken. The oil filter does not
remove contaminants such as water, acids or
lead sludge from
the oil. These contaminants are removed by changing the oil.
Also an excerpt from this piece (which is a fantastic read):
http://www.shortwingpipers.org/forum/attachment.php?attachmentid=6881&d=1409152357
Quote:
This resinous binder also captures lead bromide particles floating in the oil. The
lead particles are not a problem until they “fill” a varnish deposit, adding to its
thickness. It is a common belief that the dispersant holds the lead particles in
suspension, but this is incorrect. They are not acidic and thus are invisible to the
dispersant molecules. The vast majority of the lead bromide particles are also
about one micron in diameter or about 1000 times too large for a dispersant
molecule to bind with and hold in suspension.
The lead particles go on to combine with deposit precursor goo, forming a dense
heavy sludge which settles in the low flow areas like the sump, prop hub and
inside the crankshaft. Lead sludge has the consistency of butter. See Figure 8.
Oil changes performed when the oil is hot maximizes removal of both lead
particles and deposit precursors.