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Sudden & substantial oil leak

Engine

Model: Carrera, Year:1988, Mileage:160000, Type of use:Street use only
Hi Chris, I just purchased a 1988 Carrera and was driving home recently when I noticed smoke billowing up around the vehicle and a stop light. I was only a few blocks away from home and the oil pressure and level gauge were good so I continued on. When I parked the car and looked under the engine I saw oil dripping down on the center of the exaust cross pipe slightly to the passenger side of the engine. The oil drips slowed down after the engine was shut off and then stopped altogether. Will failure of either the oil pressure switch, thermostat o ring or a cracked/loose breather hose cause such a sudden and substantial oil leak? Previous to this, the engine had no leaks. I have read through all the posts and didn't come across one that addressed such a sudden leak. Thank you for all the tips and support you share with us enthusiasts.

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