1994 Honda Civic engine

Hello I was 2 qts low on oil about 4 months ago and I filled it up, then 2 months later I got a screeching noise. With me being a DIY mechanic I took the valve cover off to see if the valves were loose cuz it was also ticking. 2 weeks after that I lost all the power and the engine would stall if I was not on the gas, so I have been getting y car ready for an engine swap and just today I took off the oil pan and found what looks to be aluminum dust. And the oil filter is dry. I checked the "aluminum dust" I found in the pil pan with a magnet just to see if it was steel. It didnt stick so it has to be aluminum. Anyways I was wondering what could it be from. I was thinking I could have spun a bearing. Thats what my neibor said (he is an automotive teacher) and he said let the motor idle and pull one sparkplug wire off at a time and put it back on, if the ticking noize goes away then its that bearing that went. And I did that and the #1 cyl stoped making as much noise so if u could give me some advice that would be great b/c I plan on rebuilding this motor with performance parts