This no oil present senario is happening enough to almost make it written in stone.

There is not one 617 engine that I can recall posted on site that really survived a no oil supply condition without major damage so far. Especially if a noise is present.

That means there is a tremendous probability yours is the same.. Although a couple of your symptoms seem odd and seldom posted if ever.

The only chance these engines have is installing a low oil pressure alarm. Still you will have to react fast if it goes off. Without one the engine is usually gone if anything occurs that either eliminates the oil supply or will not pump it.

The chances of catching the gauge pressure reading early enough are very small as you are not really expecting to see no oil pressure. The time taken to internalise this information even if spotted is perhaps too long anyways. These cars need alarms like many diesel engines already have.

I have always thought an engine shut down system was too dangerous but the best. They are best left for stationary diesel engines and train engines. Strange but one of my american gasoline cars years ago had a low oil shutoff circuit from the factory that shut the engine down.