I think you should just push that old red heap to the side of your yard. I'll be by to pick it up in the morning.
Seriously, it sounds like you dropped a rod. My guess is the crank is trashed, and maybe the block as well. Unless you enjoy the thrill of building your own motor, it is almost impossible to beat the cost and convenience of a GM crate motor.
That's the way I went in my 77 and don't regret it for a minute...
