The metal in the oil potentially has been, or will be, distributed throughout the engine. It's tough, without a full tear down, to determine if a rebuild or a replacement is in your future.
You could tear it totally down, inspect the main bearings, rod bearings, cam bearings, cylinder walls, etc.... to see if the block can be re-used in the hopes that the journals in all those areas can still be honed or machined. But tearing down the engine only to find the mains scored and the cylinder walls gouged means you spent a good chuck of money just to determine you can't use the engine.
Generally, most shops usually recommend that a re-manufactured engine is your best bet, financially, and your old engine becomes a core.
Good luck!