OK, tore it all apart and here'* what I found
First drained the brand new oil. Keep in mind this is after about 10 mins of running.
So I started to strip it down.
Not much left.
After I got the top stripped, I pulled the pan. Looks like a thin film of metal down there.
WAIT!!??!!?? What did I just see?
Well, well, well, what have we here?
Off with the rod bearings. Only fond one bad bearing, but none of them were spun.
Found a chip in the #3 main.
This is what I pulled out of the pan. Non magnetic, or very slightly magnetic, so it'* a bearing.
This was the worst rod bearing.
Still can't explain the chunks. The cam bearings look fine. 3 even had a bit of sludge build up on them, so there was no contact there, the front bearing looks good, smooth and shiny. Very odd.