Thanks BigCube, that is pretty close to what I was thinking on camshaft.

Lee, it broke the head off off #7 exhaust valve, cracked the cylinder and piston. It tagged all the exhaust valves but truthfully didn't hurt the head that bad, I think a new exhaust seat and some new valves and the heads will be ok. I got lucky it sat the head of the valve in the seat. The heads are on their way to Huntsville Engines, Andy says 2-3 weeks on those. The aluminum block and crankshaft should be ready for me to pick up in 2-3 weeks also. I'm hoping what I won Saturday will pay the machine shop bills!
I think the 511 is repairable but won't know for sure till I get it completely tore down. The timing cover is pushed out to the back of the water pump in a perfect circle, I think as strange as it sounds that the lifters jumped lobes and that is why it touched all the exhaust valves.
I was using a chrome stock type timing cover with no support in front of it. Normally I run an aluminum cover or a piece of aluminum angle bolted to the cover bolts.