Could go either way here, but I would want to know why it’s spun. Blocked oil passage? Blocked from what? If there’s any debris in there at all that would tell me there’s other issues going on and would need a complete tear down. You’re half way there now anyways.
Was this engine rebuilt before you bought it?
I'm sorry, but at this point it might be wise to pull the motor and rebuild it. I'm no wiz, but I'd be thinking what the big future picture is for this 55, keeping it or passing it down the road. Pay me now or pay me later comes to mind. Rear main seal, rings, water pump, valves and on and on. If it was me and my money I'd spend the money (and time) now one time and be done.
Well I'm actually kind of thinking about a combo here. Gonna probably "bandaid" it together now if possiblee and see if I can get it going, but then go source a rebuilt 2F and all the parts I'll need. Then I'll find someone who can do it or maybe a place where somebody will help me do it. That way no rush. Plus with all the effort to this point and help from everyone, I'd like to see this much through on the current engine.
As I've thought about this more, there used to be a super slow oil drip onto the flywheel cover that I tried to cure with a new pan gasket last year. My fix slowed it but it was still there until a few months ago....it went dry. No more leak. Not sure what I thought. Maybe the gasket finally cycled enough and closed it...or maybe the oil wasn't reaching back there by this back main bearing because of a blockage, and that caused this failure. You all know more than I do... if that hasn't been made clear enough already! Haha
Im also not sure I understand if the oil should have been reaching the rockers when I drill spun the pump or not. Thought whitey said the motor needs to turn over but maybe that was just for it to reach the crank bearings? So maybe I still have another oiling issue to contend with up top.
Lastly, some of what I read has me thinking rebuilding this F (Feb73) motor may not be the best choice or even an option at all as parts may not be available? Im going strictly on what others have said. I honestly don't know. Think I read $2500-$3000 for a rebuild on an F....a freshly rebuilt 2F for $4000 sounds like a better option to me.
Rush, I have very little history on the motor. It was in a Toyota dealership showroom for 7 years (owned by the dealer owner) and was supposed to have been taken great care of by the delarrhaip garage. Yeah right. Got it with a shot clutch, a GM dizzy, crap carb from a Chevy truck, garbage brakes...the list goes on. I seriously doubt it. The inside of the door cards have a 2008 date on it and best I can tell it was painted and done to it's current state back then. Milage wise, that was less than 20k ago per registeration docs I have...bottom line is your guess is as good as mine.
As for the plan, Id like to keep it for a long time. Eventually when prices come down and I'm sitting flush with cash someday, I've actually thought about an electric conversion. I'm sure you hardcore off roaders just thew up a little.

That's probably 10 years off though. As you can see from my wheels and tires I'm not a purist. Just think these are bad ass looking trucks that you just don't see anymore. For now though, safe reliable rig would be my goal.