Just an update. I did NOT replace the cams nor did I remove the oil pan. I did LIGHTLY sand the cam journals with emery cloth and cleaned them with brake clean before reinstalling them. I removed all the broken plastic guide pieces and accounted for them all. As for the 'metal shavings' floating around I dumped several gallons of kerosene, 5 quarts at a time, down through the head. I also inspected the oil pan with an inspection camera and found it to be clean as a whistle.
I know I should have replaced the cam shafts and remove the oil pan. HOWEVER I was already elbows deep into it, as well as $1000, I didn't want to invest anymore time and/or money. I had a BUDGET and time constraints. By the time I would have monkeyed around with dropping the front axles to remove the oil pan, I'd have been better off replacing the engine.
That said its been a year and 10,000 miles and she's running like a champ! On a side note when I purchased the vehicle the previous owner stated they were getting HORRIBLE millage. He said he was lucky to get 10 MPG. After the timing job and a 'tune up' she was getting 12 MPG. The CEL was coming on for a O2 sensor issues, code P0420. I bought and used CataClean as per the direction. It not only fixed the O2 sensor issue, my millage improved. I am now getting 14.5 MPG on a 17 year old gas guzzler.
Thanks for the input and the interest. I would say overall its worth doing the timing repair. Its especially nice that Brian at FordTechMakuloco has a step by step guide. I would not have even attempted it without his 'help.'