Great discussion! Thanks for all the comments. I dyno'd another engine for the same shop yesterday, so I have a couple of updates.
The pickup was .375 from the pan bottom, it is a stock oil pan for a 79 trans-am... if that matters. Now whether the pan is flimsy under the pickup I don't know.
Sleeper Sedan, thanks for the ideas! They say that no plugs were left out, but they are going to run the oil pump primer with the pan off and see if anything is bleeding off / leaking. One of the first thoughts I had was that the lifter oil band may be uncovering during the lobe lift, but this is a popular combination for the pontiacs... no reason not to check it tho.
Regarding your query on the oil pressure, yes it started out at 20PSI, hot oil idle, then jumped up to 60 as the revs increased, then went back to 58 at the end of the pull.
Nich: that is a VERY interesting post, thanks for sharing it!
Tuner: One of the first things I asked was if the bearing radius' cleared... I was told yes.
Strange Magic: I appreciate your suggestions!! Your procedure is the exact one that they already do. The block had been line honed the first time, and now since the crank was ground again, they now have .0037 main clearance and .0032 rods. The crank grinder indicated the # 2 and # 3 mains had .001 runout before grinding. If that was from the heat, I have no idea... but I was told they had NOT checked that before assembly.

... this is a major development, as if it had that runout from day one.....
Also to Strange Magic (or anyone) Do you have a particular part number for the H or V series bearings? I do not have my clevite catalog handy, and this shop tells me that V's are not avail.
Also, what oil pump would you suggest with those clearances?
Hardcore, I value your input!! I will find out exactly the parts in the oil system, but the parts I do know of is the oil pan is stock '79 trans am, I believe the pump is a mellings, but will find out the p/n. The screen is stock replacement.
Ron C. - just as a side note, do you consider a 15W-40 with .0024 rod and .0028 main clearance to be to heavy weight? Thanks for your input!!
Engguy: The engine ran very smooth, in fact I commented on it before the trouble! The bearing wear definetly looks odd. I am still at a loss for the rod bearings on #1 and #2 looking so good... As I typed earlier in this post, the #2 and #3 mains were found to be .001 O.O.R., and whether this was before or after the bearing damage, I can't say, but I am not sure of any bearing damage issues what would CAUSE a crank to have runout.
thanks for all the ideas so far!!
rb