Jack, when you pull the pan you will know if your cam bearings are trashed, they'll be in the bottom. My 345 has an untold amount of miles, the guy I got it from said it had 88k on it when pulled, I pulled the pan and it was clean, no metal what so ever.
I began the process of removing bearing caps to check, all good for 88k, put her back together.
I did follow the pump shim procedure outlined in this thread as you will see by the previous post.
After running this engine with nothing but shims and a complete regasket, hot oil pressure at idle is 10 psi, with 15/40. With a rapid increase to 55lbs as I accelerate. And it never moves..as I came off the interstate this morning after a 45 mile trip at 60+ it dropped to 10 psi and came right back up.
These motors are hi volume low pressure, not like a Chevy or Ford, if you dont hear the lifters rattlin at idle hot your ok.
Hope this eases your mind a little
and as for daves 401, I agree with Scout boy. If he's added the shims and topped her up with lucas which is about 200 weight and 18 lbs is all she'll muster, cam bearings are gone for sure!!!