Hello,
If your engine lost it's oil pressure, was driven that way, is knocking, and has metal shavings in the oil, I would lean towards it having complete bearing failure, i.E. It's blown up. I actually have some experience with a 1996 Ford Ranger 4X4 with a 3.0L engine and this issue. I was driving semi trucks and during time off went four wheeling with a friend. I hit and damaged my Oil Sending Unit. I didn't realize this. I let my girlfriend take truck on 500 trip. When she was 30 miles from where she was going, the Oil Sending Unit failed, dumping all the oil out. She drove the truck the last 30 miles, on Interstate 5, to her location. When she got there number one connecting rod had come apart and was sticking through the side of the engine block and engine was completely ruined.
The metal shavings in your oil are filings of your engines main and connecting rods bearings going metal to metal because of the lack of oil lubrication. Your engine will most likely have crankshaft and camshaft journal damage as well. Sorry to tell you this, but my estimation would be to replace engine. Let us know if we can help in other way.
Thanks,
Alex
2CarPros
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Thursday, March 28th, 2019 AT 4:18 PM