I've only ever experienced this problem with Ariel singles. They use the same type of oil pump set up. In my case it was always a speck of dirt under the seat of the return pump but there is more to this than meets the eye.
1 As well as cleaning the return ball tap it gently on to its seat to ensure a good fit.
2 Make sure the pump body is a good fit on the aluminium face of the crankcase. If necessary reface it by gently rubbing it down on a flat piece of glass.
3 Replace the gasket between the pump and crankcase. Ariel used to recommend adding a very thin .005 paper washer around the return area to ensure it was a little tighter there. Also ensure the drive block isn't stopping the pump snugging home flat.
4 If the above doesn't work and the pump itself is in good nick, it is time to suspect an air leak in the pipe between the sump and the pump. Very rarely the internal oil scavenge pipe between the sump and the pump will develop a leak. If it has, it usually means a complete strip down to get to it. The repair is simple but a monumental pain to get to.
Finally of course, there is the obvious. Is the oil return pipe blocked so the pump can't return anything anyway? I have seen replacement oil pipes made out of the wrong material that rots and swells internally to block up pipes yet it still looks good externally.
Who knows what has been done to your bike in the last 40 years?
Hope this helps, best of luck, Bob