The dry pushrod is a sure sign of a collapsed or very loose lifter. I would start by removing the valve covers and that particular rocker arm and then pull the intake manifold and inspect the pushrod and lifter.
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1964 Malibu SS, now a LS1 and T56, Back halfed, rollbar, narrowed 9 inch, 4.11 gears and 31x16x15 Mickey SSR's on Weld wheels.
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