Here is the crank, looks like that bearing (#8) did some serious damage

 

another shot of that bearing, I had to use a chisel and a hammer to get it off of the crank

 

I've seen much worse damage than that before. Good thing you caught it before it got much worse, that can be easily machined away. Might consider replacing (or maybe having it resized) at least one of those rods, if not both, they get pretty messed up when a bearing spins in them.

 

Madmax, I am actually putting on a forged 383 crank and replacing the rods with forged h-beam and putting on low (8.5:1) JE Pistons
-Gabe

 

I should post the pics of my old motor that spun a bearing. . it chewed literaly about 1/4 of an inch out of the crank and the two bearing shells fused together, I needed to pry them apart.. . . it got so bad that the piston began to bang into the head and broke a chunk of the land which I have yet to figure out where it went.