I'd bet money the metal parts are from the bearings. I've had this happen like this due to twisted oil pump drives and both times the culprit (as far as oil pressure went) was bad bearings. Once not too many years ago, I pulled one apart that was putting up about the same pressures you describe and found the oil pickup screen completely plugged off with those little silicon pieces from where someone put too much on the gaskets and it squeezed the stuff out and into the engine's innards. Looked like a handfull of worms. Still galled the bearings though. About the only way to be sure is to tear it down to the mains and rod bearings and check for yourself.
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1986 four-eyed LX coupe, 358 Cleveland, Tremec TKO600/centerforce clutch, dish cut Probe forged pistons, comp cams hyd.roller cam, .579/.588@224/230, Edel.performer, 670 holley street avenger, CPR custom built long tubes, ported and polished 4bbl heads, manley valves, beehive springs, MSD peo-billet dist/MSD6AL, fluidamper, 5 lug conv. with 17x8 bullits there's more but it's still not finished yet.
Oh, and the oldest boy is turning his 89 GT into a FFR cobra this next summer.
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