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Most likely, the problem is serious; the only way you are going to know for sure is to have someone that knows what they are doing pull the sump cover and take a look. You don't find metal in the oil filters of health motors.....
If the engine is toast, the last place I would go for another one is a dealer. You should be placing a call to Jake Raby; he has everything from warmed over stock engines to full tilt race motors, the later of which sell for about the same as an OEM rebuilt motor. He has a program to pull and replace the problem parts on used but serviceable engines, like the IMS (which is probably what took yours out) and offers some level of warranty as well.
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“Anything really new is invented only in one’s youth. Later, one becomes more experienced, more famous – and more stupid.” - Albert Einstein
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