Anybody Ever Seen This Before?

This is on my buddy's 71 Chevy truck I've been workin on. It's just a warmed up 350. He blew a head gasket on it and it sat for like 7 years. Local Chevy "guru" built it. He asked me one day while I was still at O'Reilly if I would look at it and see if it was worth fixin. I did and I fixed it. It ran really good. Finally got the brakes where we wanted them and we decided it was time for him to try to drive it some. Third day he was out and came back home, pulled into his parking spot, revved it once and it went POP and quit. Wouldn't restart. Now, I never touched the timing cover. All I did was remove the heads, had them worked, cleaned it all up, put an HV oil pump in because he wanted one and put it all back together. So I got the timing cover off today and here is the carnage. WTH? Cheap parts? I cannot believe the guy didn't put at least a double row chain set in it as cheap as Chevy parts are. I turned the crank by hand and cannot feel any contact with anything whatsoever. I can turn the camshaft, but it is difficult......it does still have all the rockers adjusted, so that accounts for that I believe. I've never seen a crank sprocket shear like that.
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Uh, That would be a no.