If the motor is making metal the thing to do is to tear it down before you run it anymore and find out where it's coming from. A spun bearing will get worse fast. If caught early it might just need a rod resized or the block aligned honed along with a rering kit. Oil pressure will start dropping if a motor has spun a bearing. It may get harder to crank over as well.
There is really no limit how bad it can get if a spun bearing is allow to continue to run. If you're lucky it will just lock up. If you're not so lucky it could tear up a bearing bore passed the point of repairing or even break a rod and the broken piece of rod could punch a hole in the block.
When you tear it down don't forget to take a good look at the cam and lifters. You might be starting to loose a lobe off the cam.