Ticking LQ1, was overfilled on oil, 145K Miles. Saveable? Trash it?

[Timm]

Here's the video, the description pretty much describes the situation.
The low oil sensor was unplugged from whoever changed the starter. So the previous owner filled it. Although it was full. And not just filled it... He FILLED IT.

9 Quarts of oil in there. Drained 4 and left 5 in.

After taking out 6 OIL DRENCHED plugs, and sticking in some nice old ones I had handy, I got it running again.
Ran really good! Burned a lot of oil out the exhaust!
Then once it warmed up some it developed this ticking....

http://www.youtube.com/watch?v=5F0LmG3zp8I

Being that is was way way way overfilled, and the pistons were slapping the oil around. I'm sure there was a bit of foam in the oil.
Air isn't the greatest lubricator. Is it possible the foamy oil could have spun one of the cam bearings? :-(
Is it worth replacing?

The Alternator is bad,
P/S is bad,
The intake gaskets are shot,
It needs a full tune up,
A mysterious leak starting half way down the crank pulley,
and the dist. drive o-ring is leaking pretty bad it looks like.

Could this be just a bad exhaust manifold gasket???

Or is it a bad bearing or even a bad cam...
It needs about $300 to $400 in repairs as of now,
And if this ticking is going to be the death of the thing, I really would rather not put $300-$400 into a garbage engine...

Thank you all. I really do appreciate the input from this forum, even the stupid simple input! (As most solutions are stupid simple ).
-Tim

EDIT---

If it's any help, the cylinder closest to the brake booster was the worst as far as the plug being oil soaked...

[GOT2B GM]

sounds like a lifter

[3pt1lumina]

Is the oil foamy? Have you replaced it or just drained it until it was at the proper level?

I agree, sounds like a bad lifter. How long did it run with all of that oil in there?

[GOT2B GM]

Document ID# 63872 1997 Chevrolet/Geo Monte Carlo

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Valve Lifter Noise Diagnosis

Momentary Noise On Engine Startup

Step	Action	Value(s)	Yes	No
DEFINITION: Momentary noise when the engine is started
1	This condition is normal. Oil drains from the lifters which hold the valves open when the engine is not running. The lifter needs a few seconds to fill with oil after you start the engine.	--	--	No correction is needed

Intermittent Noise on Idle Only

Step	Action	Value(s)	Yes	No
DEFINITION: Intermittent noisy on idle only, disappears when engine speed increases
1	Disassemble the hydraulic lifters. Check the lifters for any dirt. Check the lifters for a pitted or damaged check ball. Are the lifters dirty? Are the lifters damaged?	--	Go to Step 2	System OK
2	Replace the valve lifter. Refer to Valve Lifter Replacement Valve Lifter Replacement	--	--	--

Noise at Slow Idle

Step	Action	Value(s)	Yes	No
DEFINITION: Noisy at slow idle or with hot oil; quiet at higher engine speeds or with cold oil
1	The lifter has a high leak down rate.	--	Replace the faulty lifter	--

Lifter Noise at High Vehicle Speeds

Step	Action	Value(s)	Yes	No
DEFINITION: Lifters noisy at high vehicle speeds, quiet at low speeds
1	Check for a high engine oil level. An oil level above the "Full" mark allows the crankshaft counterweights to churn the oil into foam. When foam is pumped into the lifters, the lifters become noisy since a solid column of oil ensures proper operation. Is the oil level too high?	--	Drain the oil to the proper level	Go to Step 2
2	Check for a low engine oil level. Oil level below the "add" mark allows the oil pump to pump air at high speeds. This causes noisy lifters. Is the oil level too low?	--	Add oil as required	Go to Step 3
3	Check the oil pan. Is the oil pan bent against the oil pump pickup?	--	Repair as required	Go to Step 4
4	Check the oil pump screen. Is the oil pump screen bent or loose?	--	Repair as required	System OK

Noise at Idle, Becomes Louder at High Engine Speed

Step	Action	Value(s)	Yes	No
DEFINITION: Noisy at idle, becoming louder as engine speed increases to 1500 RPM
1	This noise is not connected with lifter malfunction. The noise becomes noticeable in the vehicle at 10 to 15 mph "L" (Low) range, or 30 to 35 mph "D" (Drive) range. The noise is described as a "ticking" sound. At slow idle, the sound may be entirely gone or appear as a light ticking noise in one more valves. This noise is caused by one or more of the following: Badly worn or scuffed valve tip and rocker arm pad. Excessive valve stem-to-guide clearance. Excessive valve seat runout. Off-square valve spring. Excessive valve face runout. Valve spring damper clicking on rotator.	--	Repair as necessary	Go to Step 2
2	The noise may be an off-square valve spring. You can eliminate this noise by rotating the valve spring and valve. Crank the engine until the noisy valve is off its seat. Rotate the spring. This will also rotate the valve. Repeat until the valve becomes quiet. If correction is obtained, check for an off-square valve spring. Is the valve spring off-square?	--	Go to Step 3	--
3	If the valve spring is more than 1.6 mm (1/16 in) off-square, replace the spring.	--	--	--

Valve Noise Regardless of Engine Speed

Step	Action	Value(s)	Yes	No
DEFINITION: Valves noisy regardless of engine speed.
1	Check for excessive valve lash. To check for valve lash, turn the engine so that the piston in the cylinder is on TDC of the firing stroke. If valve lash is present, you can move the push rod freely up and down a certain amount with the rocker arm held against the valve. Check for a worn push rod upper end ball. Is the push rod upper end ball worn?	--	Replace the push rod and rocker arm	Go to Step 2
2	Check for a bent push rod. Is the push rod bent?	--	Replace the push rod	Go to Step 3
3	Check the lubrication system feed to the push rod and check to see if the push rod is properly lubricated. Is the push rod and feed system properly lubricated?	--	Go to Step 4	Replace the push rod and rocker arm
4	Check for a loose or damaged rocker arm. Is the rocker arm loose or damaged?	--	Replace the rocker arm	Go to Step 5
5	If you do not need to replace the push rod or the rocker arm, this indicates trouble in the hydraulic lifter.	--	Replace the hydraulic lifter	--

[Timm]

Alright, a lifter... 3800 pushrod engine, no problem. 1 hour job tops.
LQ1.....?
I'm assuming both cams have to come out. I read it's a total pain to get them re-timed correctly. Does the entire head need to come off for any stupid reason? No clue why it would... My manual is on my other computer, so bear with my n00b LQ1 questions.

Thanks for the answer, although it sure wasn't the one I wanted to hear lol.

And for the record, no, I did not change the oil and filter. However, if it was a clogged filter, it would be making more noise when cold then warm, as the oil would be thicker, and there would be even less oil pressure.

Any one got any pics? These engines are somewhat poorly documented as far as internal service. (On my Google searches anyways.)

Also, No idea how long the engine was ran this way... at least 1 hour I'm positive of. But beyond that, no idea.
And I didn't look at the oil while it was draining. So not entirely sure if it was foamy or not.

[AL]

Labor	Skill Level	Mfg. Warranty	Standard
Lifter / Lash Adjuster
Replace
One CYL
Right Bank	B	2.9	4.3
Left Bank	B	2.7	4.1
Both Banks	B	4.4	7.0
All Cyls
Right Bank	B	3.0	4.2
Left Bank	B	2.8	4.2
Both Banks	B	4.6	7.4

Remove camshaft carrier as outlined under Camshaft,Engine . Refer to Camshaft,Lifters and Push Rods . Remove six lifter hold-down hoses. Remove lifters. Reverse procedure to install