Yup. Sounds like a spun bearing. Ford had issues with the bearings on earlier Romeo engines. The crank is so short and the bearings are really small. It's why Ford specs 5W-20 oil on them (At least on the newer ones) Rotorex style oil pumps can tend to gall up inside the housing and fail to prime if the oil wasn't changed religiously (could have even been from a previous owner, trash in engine, etc.)
