87 turbo2 rebuild questions?? advice?

I got a 87 Daytona shelbyz turbo 2. 2.2 2pc intake. I'm running 72# injectors,3 bar map, boostbutton cal 18# of boost 21# shutoff. My clutch was slipping when I got over 14# of boost so I ordered a cluch kit it's probably a factor original clutch in the car with 105k miles. anyways I've been monitoring my oil pressure with sunpro gauges and it is great when cold but gets very low at idle when hot. so I bought a oil pump. I have other goodies, I was going to install when I do the clutch, ss oil lines, and new coolant lines,new alternater, new water pump. Well anyways was driving it a little hard today and it stalled. restarted it and it has no power and it's rapping! I did a compression test I got 90 120 120 60 I know the 60 and 90 is horrable don't know if its rings or what yet. I know where I can get a good 89 2.5 block for dirt cheap. I'm off of work rite now money is super tight or I would buy a set of forged pistons and do a full rebuild. Is there a good factory block I can just put my top end on?? if so what year? is there any cheap upgrades I can do to the motor when I have it apart?? Just looking for some good advice what would you guys would do??? the head was a remanufactured unit I put in last summer. Or if anyone has a good block I can get for cheap within 2 hours of 16125 it would be greatly appreciated! I really wont know what damage I did till I get it apart, but I think I heard that 87 t2 had just a normal t1 block. I'm not looking to build a race car rite now just something that will be loads of fun to drive, and smoke most Camaros! I also had a lot of pcv issues I tried several different ways. I put a 5/8 nipple between cone filter and turbo and have a tbi valve cover with oil skirt, drives side nipple on valve cover routed o nipple on air filter line. passenger side nipple with a elbow with pcv valve to large nipple at rear of intake. The cyclinder walls looked great with the head offlast summer and I had 120psi across the board after head gasket last summer. is thred anything I should look at first when I pull motor? I may have bee exirencing blow by the wholetime since ive had it but when the compression was 120 I cantundersand why I would have blowby? I routed vacuum lines according to digram under hood with check valves ad orifaces. I forgot to mention im running straight pipe exhaust even ran the pie through the glasspack! running 93 can gas. after restarting I only had to go 1.5 miles. hoping I didn't do to much inner damage? any sugestions would be great hoping I can just put new rings and bearings in? but wont know till I get motor apart? I can get a re-ring kit for 115 shipped- same vender I got the rebuild kit for my old 300 straight 6 last spring.
thanks
Jon

60psi means you probably have a cracked piston.

If I were you, I'd focus on what's it matter the most, a car that works and can get you to interview.

I'd lower the boost to 5-7psi and drive the thing as-is until you get a job and have money to spent.

^ Love the straightforward advice Harry.

Although 60 psi could also mean that there is a hole burnt through the edge of a valve. I've had that happen before and had no idea until I did a compression test and pulled the head. You never know what kind of valves go into a reman head. They might have put regular non-turbo valves in there for all you know..

The rapping noise sounds like you probably lost a rod bearing. If that is the case I would NOT drive the car at all. If you are lucky the crank might get away with just a polish if you only drove it home. Otherwise, you are probably looking at having it ground undersize with new rod and main bearings and new rings. You might even have to overbore it and get new pistons and rings depending on what the machine shop finds out after looking at it.

The '89 2.5L shortblock you found for dirt cheap might be your fastest route to get the car running again. You could swap your whole top end onto it with no modification and that might get you along until you get your 2.2L shortblock rebuilt. You might even like the 2.5L enough to not want to go back..

Thanks for the advice, I have a job Im a union steel worker, work 500-700 hrs of overtime a year I'm just off because I had to have carpel tunnel sugery on both hand at 31 years old! I'm a workaholic which is rare in today's world wish I could have time and money then I could do a hell of a build!