Just acquired a 1999 Expedition Eddie Bauer, 5.4 Triton with 16x,xxx miles. Removed the engine and a small amount of metal shavings are in the oil pan, so a bearing has spun? It wasn't running and was partially dismantled when i got it.

Bearing in mind i'm on a limited budget, any thoughts on the following?

1) remove the rod caps and then the crankshaft, inspect for any grooves etc, and if none to speak of just replace bearings and throw the engine back in?

2) just find a used engine and take a bit of a risk and just throw it in?