^ yup, that's exactly what it is. When the timing gear wears or breaks the parts drop right down into the pan. That's why some people recommend dropping the pan when doing a timing chain/gear replacement but most people don't.
Doesn't hurt to put a new oil pump on too, I just did that in May when I had to replace my leaking oil pan gasket and fix a dent in the pan.
Here's the remains that were in my pan,
http://i194.photobucket.com/albums/z.../pandebris.jpg
even though my screen was clear I replaced it along with the pump, original screen
http://i194.photobucket.com/albums/z...237/pickup.jpg
The new stock (not high volume) oil pump seems to have helped raise my oil pressure some. The factory gauge in my 68 with stock 289 was always in the dead center, now it stays 5/8 up all the time so there seems to have been some improvement. I've never hooked a separate mechanical gauge up though. My engine has 87k on it and from speaking to 3 of the 4 previous owners has never been rebuilt.
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1968 Mustang coupe, Acapulco Blue, 289 2v, C-4, Power Steering.
Hopefully a 1969 convertible or Sportsroof (non Mach or Boss) for next Mustang project
Trying to find my father's 1973 Mustang Grande he bought brand new. 3F04F126773 last known registration and title was in New Jersey, 1982.