Well not what I was wanting to find.
Apparently, the previous owner ran the engine low in oil at some point and cooked the bearings in it. It must have been just on the edge of failing when I got it. I've had it in the car for 4 years, but only put 2,800 miles on it. In that time I've had synthetic oil (10W-30) in it and change it frequently and have it at the proper level in the hash marks.
When we took it apart the oil pump had NOT failed, but had a few small bits of metal in it.
It had spun 2 rod bearings and 1 main bearing.
I was mad but also confused and then mad again.
Oh well.
Now I get the joy of finding a new block, crank, rods, pistons and building an entire new bottom end.
The good news (if there is any) was the heads/cams actually checked out OK and can be reused.
Obviously I am going to go thru them and freshen them up.
Stay tuned as we build a nice upgrade to the ol' Mach 1.