Tacoma 2.7l problem oil light no rev limiter etc

So I have a 96 Toyota Tacoma single cab 2.7l 4x4
I Was driving the truck and I do put this truck through hell but anyways, Lon story short take off in first hit rev limiter seems like it hesitates, next I'm going down road 25 seconds later and engine starts making noise oil light comes on and there's a loud bang from engine and I kill the engine and coast to a stop. Get out check oil half a quart low, it uses oil so that was no surprise, try to start truck back and starter struggles and makes grinding noise for a few try's then seems to break free and truck cranks makes no noise and sounds fine. No here's where it gets tricky.

I drove truck home and it drives fine no knocks but it doesn't want to pull a hill good and it will no longer hit the rev limiter it just roars on without "tacking" out. And when I push in clutch to stop oil light comes on.

I replaced oil pump and checked everything I could but truck still does the same thing. Truck has no oil light on crank will run fine drive up the road and 10 minutes after driving it the oil light will come on but only at idle. I don't honestly know what's up with the truck it sounds like a chain being pulled over a fence when it warms all the way up. But no knock no overheating no nothing just the absence of a rev limiter

So I need help and everyone's opinion what could it be? I've changed oil run sea foam in case of a clogged oil passage, replaced the oil pump, and even took the catalytic converter off to see if it was clogged but with no changed to the truck itself. Please someone tell me what's going on I'm tired of guessing and checking and just really wanna know should I drop another motor in or could it be something as simple as a sensor or possibly something else? Any help would be appreciated

Truck is. 96 Tacoma 2.7l 4x4 manual transmission with 179k miles on motor

Also: the truck did burn oil, and when I would hit rev limiter it would blow black smoke, and recently it blew oil out of the tailpipe I can add videos pictures etc just let me know where to start anyone

 

So rev limiter is your shift indicator?

 

I'm gonna go out on a limb and say oil comin out the tail pipe is not a good sign.

 

No I just enjoy hearin the rev limiter, I have a bit of a lead foot didn't help any probably and yeah the oil thing happened after this incident so I'm thinking maybe a piston rings completely gone, and or something broke internally cause why else would my engine fail to rev out, and instead just droning on while feeling like a slug all at once

 

I'd like to see a video of oil coming out of the exhaust after you hit the rev limiter if it can even reach that rpm anymore.

 

That's just the thing it won't hit the rev limiter anymore. I can send pics of the side if my house where it sprayed oil on the wall lol it kinda sucks but luckily just got my hands on a truck and this beauty for 1000 bucks the kid wrecked it laid it on it's side 2.7l Tacoma 2002 extended cab 5 speed got the whole truck still runs and drives guess I got a new woods truck until it breaks then I'll put the motor in the other YoYo

 

Good compression on all pistons?

 

Yes