Engine goes... KNOCK!
Yes, yes, you're all right. I'm just having a hard time accepting it, cuz as we all know I'm cheap.
But anyway... I took the oil filter to a local, well-respected engine builder (he was at the track with us when we first heard the noise) who had a look. He said based on what he sees there is some bearing material in it, but not what he expected. He thinks that the previous filter had all the metal in it. This filter was only on for a day before I went to the track.
He told me to pull the motor out, pull off the pan if I wanted to see the mess for myself, and then bring it to him. He said he'd take it all apart (down to the block), clean everything, take the crank to his guy and have it cut or cleaned up, recondition or replace the rods as necessary and put it all back together for much less than I expected. And spending less money makes me happy. ;-)