Ford Repair: Engine Repair Or Rebuild, blown head gasket, 67 ford

Question
67 ford mustang
automatic transmission
289 V8

I was driving 65-70 mph.  All of a sudden, I noticed low to NO oil pressure and a knocking sound coming from the engine.  

Still no oil pressure, low compression and very loud metal to metal sounds coming from engine.

What might have caused the problem?  And would a   repair fix the problem or would total engine rebuild be recommended?  

Answer
Dwane-

  The cause could be a number of things.  If your compression is low all around, you could have a cracked block, blown head gasket, or even a piston with a hole in it.  It's hard to say without looking at the engine firsthand.  Whether or not you need to rebuild will depend on the extent of the damage (if any).  If it were me, I would tear the engine down to find the problem and probably rebuild it just to be safe.  Then again this can become expensive if you're not doing the work yourself.  I would try to get a diagnosis of the problem before you decide, but be ready to rebuild from the sounds of it.  Hope this helps.

Steve