sounds like your oil pump quit
on you and due to belts being loose you got hot. I'd put in a new oil pump, check the pump rod and distributor, put you in a manual oil guage and see what happens. You gotta get a ford pretty hot before you ruin the engine. If it was a chevy you would have cracked a head. From my experience of my guages i run an aftermarket sunpro oil and temp guage. Can pick them up at az or napa for a reasonable price. Well worth the money. After all that you may still have to do a rebuild.
If your running a 302 you can get yours long blocked for around $875, or at least in dallas you can and it comes with a 36,000 mile warranty. Good luck.
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