Pieces of steel in cylinder??

This is correct too. But you don't always see a trough where the cam is getting smashed into the bearing like that unless something is just forcing the cam into the bearing.

Lack of oil will smear the bearing materiel pretty evenly (is evenly a word???) around.
This is what is bothering me.....loss of oil pressure would not seem to be the cause of the troughs. As said, look at everything up through the oil into the rockers. I am suspicious of something coming down from the rockers, or the valvetrain being jammed. We don't know if a PO had some retainer to guide clearance issues, messed up the cam bearings, threw in some straight pushrods and/or another cam, and sold it.

Yes 'evenly' is a word! LOL