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Update: I just removed the push rod. It was both cracked and bent! Definitely the source of my problem. I know that this is an old engine and sometimes parts just fail, but is as far as causation (other than the part simply failing) goes, is there anything else I should look into to try and figure out if there is a deeper problem?
Also, on another note, once I purchase a new push rod, is there any trick to installing it or should it just slide right into the lifter? I don't want to drop it into the engine...that would be a disaster.