'95 SC'd problem, replaced rod bearings, need diagnosis

I have a '95 supercharged Riv that my uncle (who is a mechanic at the dealership and got me a sweet deal) has been helping me mechanically maintain for the past 3 years (~17k miles). One day I started ocasionally getting a ticking sound when starting the engine cold. It would tick with the rpms for about 15 seconds and then subside, or immediately under throttle. Soon after that started, my uncle decided we needed to replace the rod bearings. So we did that, and the ticking went away. However, I'm pretty sure he said this was just a symptom of and quick fix for a deeper and much bigger problem. A job that would require me leaving the car with him for a few days, and to the tune of $500 or something like that. The thing is, when he gets pissed, he doesn't communicate well, and won't give me a straight answer as to what exactly the problem is. I'm pretty sure that he has given me hints that I would be better off selling the car than fixing it up. I also think I remember him saying that the ticking would stop after the engine was running for a few seconds because the bearings got properly lubricated once everything got going correctly or something. (He pretty much hates dealing with my car now since I installed an audio system and aftermarket exhaust, he's all about stock for that type of car :banghead:.) Also, my oil light has been constanly going on/off at random while driving since (and before) I got the car 17k ago, but the engine gives no problem codes (and everything has been smooth until the ticking first came).

To me, this sounds a lot like "crankwalk" that I've been hearing about on Eclipses and Talons. In the worst cases, the engine is shot completely. Is this the same problem on my car? How truly messed up might be engine be (or be soon), or can/was it saved before too much damage is done?

I'm looking to sell my car in about 3-4 months so I'd really like to know where I stand. I don't want to sell a car thats going to break down soon and cause problems.

BTW: 132k on the car now, and it has been covered in my garage back home for the past 4-5 months since I opted not to take it to college with me. I've maintained the car very well, and so did the previous owner, it is in excellent condition, save for this problem.

Thanks for any help!