Are you sure its oil? If you bought it used someone probably added Bars Leak or some other cooling system sealer which can appear as oil. Cadillac Northstar engines are well known for cooling system problems, and that is usually the first step people take. If it is oil that could indicate an intake manifold leak or a head gasket leak, although it usually results in coolant in the oil, not the other way around.
I just had to rebuild my wife's Northstar. You have a bad head gasket. Her's was doing the same thing, and not showing traditional signs of head gasket problem. (IE: white smoke) It was just overheating with normal use.
Try cleaning the throttle plate first . I wouldn't just change the IAC valve without testing , hooking up a scan tool that show engine data.
A few different thing's could cause high idle .The idea is to test all thing's that could cause a high idle till you find the problem. Vacuum leaks , throttle plate sticking because it's gummed up with carbon , varnish build up . Or is the PCM/ECM making it idle that hight etc... Is the throttle cable bound up.
Throttle Position Sensor Replacement
Remove the idle air control (IAC) electrical connector (1) from the IAC sensor (4).
Remove the manifold absolute pressure (MAP) sensor electrical connector from the MAP sensor.
Remove the water pump belt cover.
Remove the TP sensor retaining screws electrical connector (2) from the TP sensor (3).
Remove the TP sensor electrical connector (2) from the TP sensor (3).
May have video on youtube showing how to
TAKE BATTERY TO AUTO PARTS STORE FOR A LOAD TEST PROCEDURE, MAKE SURE THE CASE IT IS PUT IN HAS THE DOOR CLOSED FOR YOUR SAFETY, BATTERIES SOMETIMES DO "EXPLODE" AND ACID FLYING IS NOT GOOD. IF BATTERY IS NOT GOOD, I WILL SUGGEST YOUR BUY AN AMPHOROUS SOLAR POWERED BATTERY CHARGING PANEL, THEY COST BOUT 30 BUCKS AND WILL KEEP YOUR BATTERY CHARGED UP OVER LONG PERIODS OF TIME.
he could be right about the heads but he may have put the thermostat in wrong and instead of opening it is blocking the coolant flow causing the overheating
The time span quoted is about right for a thermostat to start opening