Sounds like a classic IMS bearing failure...sorry to hear the troubles. 
Another option would be to just sell the car as a roller and go for something else, either newer or another one of the era that you can have the IMS changed out on.
Chris
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1999 986 2.5L, Stock Exhaust (S muffler), EVO Intake, 18" Stock rims (17" during winter), IMS Upgrade, 150k+ miles and counting!
87 944S brought back to life
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