Well, I think I found the problem! I dropped the oil pan tonight. No obvious signs of metal shavings or mechanical damage. The oil pan is full of sludge and very hard to see through. I shined a super bright flash light at the inside of the pan and saw a bright spot shining back. Long story short, the bottom of the oil pan was pressed in enough that it was rubbing on the crank shaft. Also there was no cork gasket just silicon so the pan was sitting a bit higher which didn't help. Here's the pics:

http://i824.photobucket.com/albums/zz166/keenebolter/58%20Apache/image2_zpsb909bfd6.jpg

http://i824.photobucket.com/albums/zz166/keenebolter/58%20Apache/image1_zps70702e2e.jpg

So now that the pan is out I see that its full of sludge which I will obviously clean out but what else should I do while the pan is down? Is there an easy way to clean the black gunk off the inside of the engine? Should I take apart the oil pump and clean out the metal lines? I'd like to get as much sludge out of this thing as possible and clean it up a bit.

Thanks everyone for the help and suggestions. That broomstick idea led me to the problem!

1951 Chevy 3800 ~ "Bella"
In the Stovebolt Gallery
More pix in Photobucket