Please help.. possible dsamage to my motor!

Ahhh i have a mostly stock 105K 5.0 motor which burns oil (i think valve seals) a quart a week... Well i had to take a long ride for my boss at work.. probably 50 miles and then my low oil lioght comes on..

When my low oil light came on, i looked for a gas station but the town was absolutely dead.. I got nervous because i smelled this aweful medal burning smell.. then i started to hear a knock...,, I soon ditched my car on the side of the road and hitched to a gas station.. When i put the oil in, the knock immediately went away, but the aweful smell was still there.... soo an hour later on my way home, i was getting on it fast to see if anything bad happened and is killing my performance.. but i noticed nothing different... When i got 2 blocks away from my house, it started making a TAPPPPING TICKING sound when it revved up

A half hr later from letting my car sit, i start it up and took it for a ride.. the tapping sound was gone, until it warmed up and it gradually got louder...
what could it be ?? Please tell me i didnt severely damage my motor.. Is it time for a set of thumper heads??
 
i think stock 5.0 valvetrain is noisy as hell, or it gets that way with a lot of miles. if youhave good compression and good oil pressure i wouldnt worry about it. i guess just keep topping it off till it gets fixed.
 
Could also be a lifter starting to go, where did it sound like it was coming from? With the car running put your hand on the oil pan, if you can feel it through the pan then it's more likely a bottom end problem. Depends on what it sounds like, mechanic's stethoscope would be best to track down noises though.

Do check the compression and pressure though, those are kind of a must.
 
a lifter would do it when hot or cold and it would do it persistantly, not just when revved up. your problem sounds to me like a bad rod bearing. that is doing the same thing as my 95 v6 was doing when a rod bearing had gone bad.
 
Update today.... the smell is completely gone... I drove the car pretty hard to see if it was losing power anywhere and it feels no weaker then it did lsast week.. it still pulls VERY hard... and i traced down to where the taping sound was and its coming right under the passenger side valve cover... i got an oil change and there was no medal shavings in it, my oil pressure is 40 at idle and 60 driving..... Guys.. could my bottom end of survived and all i need is a new valvetrain?

Can i buy a set of thumpers with new lifters and pushrods with a new cam and intake and call it a day??