Think of it like this... it could have been a lot worse. Oil spraying all over the headers and catching the car on fire.
Looks like the rod's bottom half (fasteners maybe) let go and the result was the crank kicking the rod into the block

. Sorry to hear but like you said, it's racing and at least the top end is looking okay.
__________________
, Jon
Owner of a Red Sled.
If it\'s EFI I can tune it. Specialize in 82-95 GM (yes Lt1\'s)
\"If you can leave black marks on a straight from the time you exit a corner till the time you brake for the next turn.......Then, you have enough horsepower\" - Mark Donohue