think i found the problem...
seems that when the previous owner replaced the lifters, he did not know you had to replace the cam. So im going to get my oil pressure gauge hooked up and see if i did or didnt wipe out teh bearings, if i didnt then i put a new cam/lifters in it to hold the car over for the season.... hopefully some oil pressure is still there....
thanks again patrick, ill let you know what i find out
Your oil pressure wont be the problem. The metal grindings in the oil will be, from the non spinning lifters that ate up the cam lobes. Apparently the last owner wasnt the sharpest tool in the shed. Id plan on doing a complete teardown since the bearings will have the metal grindings embedded in them and the metal has circulated. Drop the pan and hope im wrong. Im suprised you dont hear a lot of valvetrain noise form the lash that has been created form the worn cam and lifters. I hope im wrong here.