lifter out of hole 
Dunno yet Ralph. Could be, although I would think I would have had a LOT of rattling if the valvetrain was that bad. Engine stand should be here today, but will be tomorrow night before I can rip it down further.
Paul, I agree, the bearings are the result, the cause is still at large. But in my defense somewhat, I had good reason to suspect the guage/sender. I had issues with all the other guages last year shortly after building this thing. I did shut it down immediately and check for oil leaks, then again at idle. The blasts upriver when it would only wind to 4500 told me something was seriously wrong. This time the guage was right.
Electro, good idea! I'll tear further into the oil pump when I get home at midnight. As far as the pan/pickup, well, we'll agree to disagree on that. never had an issue with it before.
Pics will be coming, this is just plain WEIRD!
Curiousity got the best of me and I pulled the V/C's. gonna be late for work, but WTF. Why I didn't do this at the river I'll never know, but, then, Brain fart.
Ralph, you nailed it!

Costly mistake, Good 'ol #3 decided it didn't want to be a team player..........