I think its a bad idea to spend $650 only to find out that the crank bearing has spun and now you need a new engine besides if he couldnot start the engine then how does he the mechanic know that there is no compression in two cylinders. Seems like a bad idea.
The oil light coming on when stopped at a stop sign tells me your engine was already damaged before you had the power loss problem. I would not waste the 650 to put in an oil pump. You would be further ahead to just replace the engine.
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