It COULD be the release valves, but do to the amount of things that you said are wrong I'm going to say it twisted off a roll pin (spiral pin) in the drive shaft. Of course your going to have to pull the engine and drive shaft to fix the issues, hopefully you won't need a new oil pan too. At this point the best thing you can do is pull it apart and inspect drive shaft, if the bolt holes in the engine are fine and it's just a broken/ missing pin it should be an easy fix. 
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149 with kwik-way loader,1772,two 1782 super smokers, 982 SGT w 54" haban blade,60" haban deck, 50in deck cat 0 3 point, brinly cat 0: blade, plow(3), disc.123,hydro lift. 61"O" Brinly single row planter,brinly cultivator,#2 trailer,brinly 10 inch plow,3 42 inch blades,Model #1 Tiller with extenstions,haban sickle mo. 106w/ags and hydro lift.
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