Hi John, bad news, but you didn’t say how many miles on the engine itself. I also experienced the same scenario 3 years ago when I was dealing with low O.P. on a mid life 4.2 engine. I pulled the pan in situ (removed the reaction plate but left the torsion bars in place), dropped the pan to find what you had.
I started from the rear and checked every conrod and crank bearing shell until I found the culprit, it was the center crank journal. In my case the crank was not scored, the bearings were standards, so I ordered a new set of conrod and crank bearings and replaced them all one at a time.
I used a half shell from the old ones to push out the top half of the shells in the crank journals, cleaned everything surgically and then with a new pan gasket and some Permatex Aviation Sealant bolted it all back again.
While I was in there, I also pulled the head complete with carbs and ex. manifolds as one lump, replaced the piston rings and honed the holes. Startup is now 60 psi then running at 50 warm.
With parts in hand it was a weekend job, unless your engine is completely bagged this may be the way forward. One codicil, I J.B. Welded a strong permanent magnet to the aluminum pan next to the drain hole. Engine now has 15,000 miles and pulls like an ox, with no oil leaks. I have some pics if you want. Best regards, Brian / Mytype