Thanks LakesOnly I would say yes the operator was not paying attention to the oil pressure gauge and would bet money he over-revved it a few times.
The PO said it has Manley Valves. Checked oil level before we left for the lake part of my pre trip inspection and it has a large capacity jet boat oil pan.
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5. Piston # D3JE -6110-AA stock marine piston.
If the head checks out okay, the damaged chamber can be blended.
If the piston is not collapsed at the skirt (from getting rocked over at TDC by the foreign debris) and all other piston features check out as well (ring lands, etc), then blend it out too. Those are forged TRW pistons that were used in the 1980s-up Ford King Cobra Marine 460s.



(Note the "TRW" embossed in the underside of the pistons, above picture.)
There's nothing special about the pistons in particular; it's just that they have not been made for 20 years and if you need one you're screwed. New flat tops will run perhaps $500 and up, plus rebalancing of your rotating assembly, etc. So if you are on a budget/treating this as a repair instead of a rebuild, save the piston. Also if you are going a different direction altogether or have only 7 good pistons remaining, save them for someone else who may want spares for their own engine (I get calls for those often).