Thumper, it did not take long at all for that damage to occur. It was a Procharged 502, (my buddies boat) the more you reved it, the more boost it made. I was driving, he was the passenger. We were racing a Velocity and I had it strung out to 5600 or so (9 lbs) He yelled watch the tach, I yelled that's what the rev-limiter is for. He reached into his pocket and yelled "here's the chip".... It made noises like a Jake Brake seconds after!

Kurt

if i had to guess, i would suggest as i mentioned earlier, yours did what mine did... got a little water in the exhast port and rusted the valve to the guide and the next time you started it a piston closed it for you. that push rod is going to be bent as well... i've got 20 bucks that says the rings in that piston are stuck as well...

Further examination, valve is not bent but stuck...stevesxm is correct, it appears the valve had some rust on it, & when I started the engine, it basically, jammed itself in the guide.
I did check the push rod, & it is not bent.
The cylinders show no sign of rust at or around the piston, of course I can't see the ring grooves. I have no movement of the piston in the cylinder, but correct me if I wrong, if the rings were stuck, wouldn't I be able to "wiggle" the piston in the cylinder? Is there any other way of knowing without actually pulling the piston? If I were to manufacture a flat plate, bolt it to the top of the cyl, & put some air into it, should it hold... basically a leak down test, if so, how much air (10 - 15 lbs?), & how long should it take to bleed off?
After removing the second head, I noticed #5 & #7 exhaust ports have some rust in them, but #1, & #3 show just black. Perhaps I am catching something very early that could've been quite disastorous in the near future...

If the rings are stuck to the piston it won't move around in the bore.

Not to steel this thread ,,,, but this is funny ,,,
"here is the chip" .LMAO !!

Cool story Kurt !!

you don't have to take my advice... but if i were standing where you are, i would make the fixture i described earlier and just leak down all of the cylinders. use 100 psi and just watch the gage. the good ones will be 8 to 15 % , the bad ones will be very obviously bad. if the rings are stuck in the pistons ( which i would be very surprised if they aren't, it is a very easy fix right now . if you try to slide with it and they are stuck, it will chew up those bores in fairly short order, not to mention run bad and fill up the oil with fuel. it's an absolute piece of cake to get the pan off and brush hone the bores w/ 240 and put a fresh set of rings in it if it needs them. all i did to get the stuck rings out of my pistons was to warm the pistons with a propane torch and then soak them in an inch of wd 40.. three or four goes like that and they freed right up.

all im saying is that you have gone this far and the gasket set alone is a couple hundred bucks not to mention all the screwing around... why do it twice ?

I agree with stevesxm 100 % .

Also wholly hell WHERES THE REV CHIP. DONT LET HIM HOLD THE TRANSOM PLUG
Thumper

The issue I have is with 6 & 8 also. It appears that the valves bent slightly. It was not an over winter freeze up because it has not been rotated this year, just pulled the heads because there was a miss. I'm worried I have a reversion issue also.

I wanted to give a quick up-date on my motor issue...
I did end up pulling the whole engine out, & discovered #8 rings were in-fact, stuck. So, I mangaed to get them removed with no damage to the piston. I replaced the rings, & bearings, got the heads worked, they checked out good, so I had them worked. I got them back, back on the engine, & in the boat by the next day. I had it running on Tues. wrapped it on on Wed, & on the road to Georgia on Thurs. We boated all weekend on Lake Nottely, boat ran fantastic. I even managed to run out of gas...So, I got that out of the way.
I really appreciate the advice on the stuck piston rings...You were right on...
Thanks & I definitely owe you a beer....or two...