QUOTE(porscheless @ Jul 25 2011, 12:52 PM)
...I found a couple of small shards of non metallic material that looks suspiciously like bearing bits.
Did you mean 'nonferrous/ ? 'cause bearings are metal... Grey, like mains? or copper/bronze - possibly with lumps of shiny solder-looking metal - this is more like rods...
QUOTE
So my question is, what might be the results of a spun bearing?
Is head damage a possibility or likely?
Be nice to know if it's a rod bearing (more likely) or a main.
If it's a rod, chances are what you were hearing was the piston smacking the head. Could damage the head, the piston, the piston pin, and/or the connecting rod, in addition to the crank. For sure you need a good ultrasonic cleaning on the oil cooler.
First thing I'd want to do is cut open the oil filter.
Summit sells a nice tool for this, not expensive at maybe $30.
(I also have a beautiful anodised aluminum one I think I bought from Pegasus for twice that, and while it looks cool hanging on the pegboard, I never use it because it can't cut through the filters I use. The cheap but ugly Summit tool actually gets used...)
I presume you've checked the valve adjustments and eliminated dropped valve seat as a possibility...
What to expect - crank polish minimum. New rod and main bearings. ultrasonic oil cooler cleaning. Valve job - expect head work if it's a 2,0. Past that it's all just guesswork until you can inspect the actual parts...