I got my motor rebuild at the end of last season and worked good but this year I only had it out twice .....................dropped the oil pan theirs filings and 5 and 6 connecting rods have bad play so could that be my only problem or is the cam and everything ruined again what do I look for? When coming in I still had 40 psi of oil pressure
Only out twice is not really an example of "Worked Good"...................Your problem is that you have a destroyed engine........ metal "filings" in the oil and "bad play" in the rod bearings point to a very "bad" rebuild.
I would expect to have to either polish or grind the crank and replace the rod and main bearings, cam, bearings and followers, oil pump, and have the block closely checked for to see if it needs to be line bored etc........... (and maybe find a different rebuilder if your current one won't take care of it completely for no charge............)
You should also be making a decision about even staying with the 460 and Cobra drive. At some point you're going to have realize that you have an engine and drive package that was only made for about 3 years and when OMC went out of business, the after market didn't pick up all the marine specific replacement parts like the exhaust manifolds, coupler and certain show stopper parts in that drive.
If you haven't replaced your exhaust manifolds, and you don't have replacements ready to put on when your current ones "go", you should find some now.
There are a few parts in that drive that if they fail, you cannot buy them (new)................You'll either have to have some machine shop make one-off parts or find used parts.
If your drive is in good shape, you can sell it (I sold mine for $1450 in 2005.........I suspect it's worth at least that much still and maybe more)
If your coupler goes, you could damage your flywheel housing ..............I sold my flywheel housing and inner transom plate to a guy that had his coupler disintegrate.......his insurance company was going to "total" the boat because he couldn't find a flywheel housing (new or used)
If your manifolds either crack or get too rusty to use, you have to either find new(old stock) or get after market stainless steel hand made jacketed manifolds. .......There still doesn't appear to be anyone making 460 cast iron manifolds and when you can find them they're ridiculously expensive............ {there are supposed to be adapters out there so you can use GM BBC manifolds but I never could find them when I was looking} Hardin Marine has aluminum manifold kits now but they don't claim to be a direct Cobra fit.........
The best part of your engine and drive package is the 460. They're GREAT engines, very reliable and easy to find parts for (except marine ex manifolds) and rebuild (if done right.........yours wasn't)
Bottom line............if you want to get right back on water for the rest of the Summer, go find a wrecking yard "truck" 460, bolt on your carb, manifolds, coupler, etc and go boating...............AND.....
If I wanted to keep the boat, I'd start looking now for either a Volvo Penta or Mercruiser BBC+ drive to replace during the winter.
Regards,
Rick