That could be a failing vacuum pump. Test it. If it goes, it takes the timing chain with it, which then can take the engine out. Good ole domino effect.

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RRGrassi


70's Southern Pacific #5608 Fairmont A-4 MOW car

13 VW JSW 2.0 TDI 193K, Tuned with DPF and EGR Delete.

91 W124 300D Turbo replaced, Pressure W/G actuator installed. 210K

90 Dodge D250 5.9 Cummins/5 speed. 400K

I couldn't see any obvious problems in the valve train but a slower pan across the cam and valves would help. I too would inspect/test the vacuum pump.
Blow by did not look dreadful to me.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

It might just be me. When you moved your camera down in front of the car it seemed louder. Might just have been the acoustics though. Get a long screwdriver or stethascope to try to determine the noise source.
If the engine normally read two on the oil presure gauge hot and you noticed the gauge bottomed out before the engine quit it is interesting. That would tend to eliminate the vaccum pump as well if you remember that episode well enough. Also the vaccum pump would not cause the engine to quit and be able to restart.
There is no way the vaccum pump could kill off the oil pressure like you experienced. Still has to be checked as the noise source though. Any ideal of how many true miles on this engine? Might pay to remove lower oil pan and check for anything in the bottom of pan like metal particals. Integrity of number one and two connectiong rod as well. Also if car has lots of miles check the oil pump chain etc while you are in there. There was one recent report of an engine running until all the sprocket teeth were worn away.

The noise is definitely coming from the front. I'll try to get my hands on a stethascope and pinpoint it better.

As far as I know 198000 miles is the true reading. There was only 2 previous owners and I know one of them.

I'll try to remove that oil pan.

as far as the vacuum pump possibility; does anyone know why failure of the pump would cause loss of power and that noise?

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Comfort is a w123 seat