Hi Shootist - I am sorry that I am on to this thread late. I was pretty sure from your first post that you lost a rod bearing. Not a wrist pin - never have seen a wrist pin go bad on these motors. They lose rod bearings, and they lose piston lands. That's pretty much it.
Also, SOP back in the day was to rebuild the motor in the vehicle. The crank deos not need to come out unless it needed to be cut, and even then there were tools to grind the crank in the vehicle (good luck finding them today, though). You hone the cylinders from the top and wash everything down with kero and a wipe wiith an oily rag. There were even boring bars that attached to the top of the block, to overbore right in the vehicle.
Gotta love a flathead.
The #1 reason that rod bearings go in these motors is the road draft crankcase ventilation. Dirty air finds its way into the motor, and with the bypass filter (some motors did not even have that) gritty oil goes through the motor, and the rod bearings were the weak link.
The reason that ring lands go is that the stock aluminum alloy pistons were kind of soft - not the best alloy. The top ring wiggles up and down in the top ring land. It pounds that land, widening the ring groove, until finally a piece of the ring breaks off and/or the top of the piston land breaks off. The pieces percolate around the cylinder and cause all kinds of excitement. Oddly you can drive like this and usually the cylinder survives undamaged, but the piston is toast.
You should install a crankcase ventilation system (PCV) so that only filtered air goes into the crankcase. Not much you can do about the bypass filter - I am very skeptical of the full-flow mods that some folks do to the oil pump, as it introduces a restriction in the oil flow to the crank.
BTW there is very little oil that gets to some of the valve lifters. Some folks plumb the crankcase vent return or even an auxiliary 'spray' oil line to the lifters. This is usually just for hi - po applications of this motor (sounds weird, I know).
Good luck and do not hesitate to PM if you have a specific question..