From your description of what the symptoms are I don't buy the idea that it was running so rich that the
oil got diluted....and then that caused the bearings to go away. Sorry.
It would have been running SO rich that you would have seen black smoke out the pipes....even then most of the unburnt gas would have been pumped out the side pipes....you would have smelled it.
I wonder what happens when rings are installed upside down ??(see my first post on this). I have never done that, so I don't know, but you did say your crankcase was being pressurized somehow - it was blowing
oil out of every hole......
Perhaps someone who knows what they are talking about (George?) can chime in....