Classic/Antique Car Repair: oil pan replacement/ crankshaft?, crankshaft bearings, low oil pressure

Question

oil pan The 1969 Mercury I have blew the water pump a while back, so I decided it would be the right time to get into the timing chain to check it out for issues. The engine had been running fairly well to that point, though certainly not purring. Recently removed the oil pan on the original 351W engine to discover some materials in the bottom of the pan and stuck to the oil pickup screen: metal strips shaped like wood shavings, heavier than they look (as though they contain lead); also, plastic gear-shaped bits. One mechanic I mentioned this to thought the metal might be from the crankshaft bearings. Sounds bad. Not sure how to proceed at this point. My original plan was to remove the timing cover and replace the chain and gears, but now that may be a moot point. From what I've told you, what advice could you offer? Thank you, Scott

Answer
This does not look like bearing material. If it was then you would have had engine knocking and low oil pressure. The plastic makes me thing cam shaft timing gear and the metal pieces could be from the gear or from the timing chain slapping the cover. I would remove the cover and look before doing anything else. Get a look and then let me know what you found.
Brad