well i'm not sure when you read it, but first things first, i changed a bit in my post and you might re-read it quickly to see if you got the edited one. it made a bit more sence
first issue, birdcage- if your overflow bottle is at the "max" line or a bit above, chances are somethings wrong with the sensor, look inside and see if the floaty is level with the water, if its not, its stuck and thats your problem, if it is, somethings wrong with the sensor and i cant help you there. someone can, just not me.
as for the cap, any milky residue is a bad sign, and it sounds like a BHG, so change the oil and filter as soon as possible for you, and even avoid driving the car altogether if you can...
but i'm not sure what you want to do in terms of precautionary measures. if you cant or dont want to stop driving it, fix the coolant level first. fill it up to the filler with coolant, and squeese the top radiator hose lightly so you can get some of the air in that to bubble out. if you have a funnel that fits perfectly in the radiator cap you can fill up to the cap and leave the funnel while you squeese so the pressure and bubbles dont splash coolant everywhere. then you can add more until that method no longer expels air. once thats done, cap it, fill the overflow and proceed to burp the system. with new oil if you can spare the money. (i know how tight money can make this difficult) do a search on system burping. i dont want to explain it all or say something wrong.
as for the camshafts, you can kinda see one lobe if you look carefully, and once i saw sludge sitting on that. but you can see some oil too sitting in the valve valley. it doesn't mean all your oil looks like that, but its something to look at.
hope that helps.