Woohoo! Finally jumped my timing chain!

All right, update. I drained the oil into clear jugs to await further testing, and I also poured gasoline down the front of the oil pan to wash the crap down out the drain hole (recommendation by Rick Ehrenberg), and I didn't see anything come out (the gas that came out the drain hole was also collected).

Before I did this I also tried cranking the engine with the cam and crank properly sync'd (with oil still in, of course) and it sounded pretty normal, with a small (but maybe normal) "skip" every couple revolutions. I'm going to try taking a straight edge to the valve stems to see if any are out of place, then I might try to start the engine up for a little bit to see if it misses or there are any noises. If there are, I'm just going to go all-out (from my perspective) and pull the engine for a cleanup, re-ring, cam+lifters+springs, and recon'd 302 heads with a Performer intake and ThermoQuad.