Got a problem!
One is that the roll pin holding the gear to the bottom of the distributor sheared, you would have to pull the distributor and see if you can move the gear independently of the rotor shaft. Pin may look ok from both ends but still be sheared.
I don't think this is your problem because you say it sounds like the engine has lost compression.
The next thing I would do is pull the plugs and verify you do not have compression, depending on where the valve train stopped you might have compression in some cylinders, but not all of them.
Edit: don't need an actual reading, just verify if there is or isn't compression.
You can replace the timing gears with the engine still in the truck, there are several articles about how to do it on this forum and the internet in general.
Some info here:
https://www.ford-trucks.com/forums/984226-cam-gear-newbie-needs-help.html
The place they mention for the replacement thrust plate is helpful. I ordered an new one for mine from them.
Honestly, before I would pull the gears in the truck and the pan to get the gear pieces out of the oil pump pickup I would just pull the engine.
It's a pretty easy engine to pull, maybe 2 or 3 hours but you may discover other things that need to be done while you are there, oil pump, water pump, engine mounts, etc.... So its likely to run into more money than just the gears and gaskets.
Or you have the quick and dirty option, just change the gears with the engine in the truck, watch the oil pressure and hope for the best.
Or you could drop in a used engine.
Or a rebuilt one.
I don't know how many miles are on your truck (I'd guess quite a few if the cam gear sheared), or how well it ran prior, what shape its in, or what your future plans are regarding it, or how well set up you are so I can't really say what I think your best option is.
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You run into another issue if you are planning on changing the cam without pulling the engine. The cam is as long as the engine itself.
The quick and dirty option is more suitable for somebody who needs their truck on the road asap and doesn't have the money to do it right.
I don't recall pulling straight 6 cam in one of these trucks, but I can tell you from the ones I do remember doing that they are a major pain to get out. I recall having to pull the radiator, condenser, jacking up the engine and fighting around the bumper.
Plus you will have to pull the upper intake, valve cover, rocker arm cover, pushrods, lifters, distributor, balancer, etc.... Those lifers may not want to come out very easily either.
If you do the cam you really need to put new lifters in as well. I guess you don't absolutely need to, but you really should, and you will need the break in oil also.
This is a lot of work to go through to leave gear pieces in your oil pan I would think.
Also, I wouldn't expect much of a gain from changing the cam. Ford did a pretty good job of matching the cam to the engine in the 4.9 and its just not a performance engine. You will get something for your effort and expense, but it won't be a night and day difference at all.
Just some things for you to consider.
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Or if you do break the thrust plate, the link in one of the posts has the place to get a replacement, it was pretty reasonable - like $15 or so if I remember correctly. There may or may not be a spacer ring as well, from what I can tell some cams have them, some don't, or rather some are cast into the cam itself. But, if you don't break the thrust plate you don't have to worry about that.
I put steel/aluminum gears in my engine. Some people complain about them being noisy, but mine don't seem to be. Sometimes when I'm shifting up through gears I get a little whine if I get close to 3k rpm, but not annoying, or not for me anyway.
If you do decide to change the cam also, the biggest problem would be getting enough room to physically remove the cam, its pretty long.
That, and if you get lifters that don't want to come out, fighting with them down inside the engine bay would not be fun.



