340 with metal in oil pan

Very nice looking car, and I wish you well with going through it and doing repairs. If you find out you have to do more with the engine than your budget allows at the present, I would encourage you to find a decent garden variety 318 (do basic compression tests, etc.). Then you can still get out and enjoy your car instead of having to wait until you can get your engine back together. Sometimes the best favor you can do for yourself is to buy time so you can fix the 340 without having to take shortcuts. When you do get the 340 back together, pull your 318 and sell it for close to what you have in it, or keep it for a spare.