A BEECH T-34B ON CLBOUT AT 2200 FT DECLARED AN EMER AND DIVERTED DUE TO PROP OVERSPD AND LOSS OF ENG PWR.

Narrative

THE FLT WAS TO BE A FERRY FLT OF A T-34B ACFT FROM ZZZ TO ZZZ1. THE PREVIOUS DAY; THE ACFT MADE AN EMER LNDG AT ZZZ WITH AN OIL LEAK AND ZERO OIL PRESSURE. THE FLYING CLUB'S MECH REPLACED THE CRANKSHAFT SEAL AND DETERMINED THE ACFT FLYABLE. AFTER PREFLT AND TURNING THE PROP THROUGH 4 BLADES; THE ENG STARTED NORMALLY. THE OUTSIDE AIR TEMP WAS IN THE LOW 30'S AND THE OIL WAS THICK ON PREFLT. 50-SAE MINERAL OIL WAS BEING USED TO BREAK IN THE ENG WHICH HAS APPROX 50 HRS ON IT SINCE IT WAS TAKEN OUT OF STORAGE. ON TAXI; I NOTICED THAT THE OIL PRESSURE WAS LOW. ON A LOW PWR RUN-UP; THE PROP WOULD NOT GOVERN. I CALLED TWR AND TAXIED BACK TO PARK THE ACFT. WHEN TAXIING BACK; THE OIL PRESSURE INCREASED TO NORMAL AND THE PROP WOULD GOVERN. I COMPLETED A FULL RUNUP AND THEN TAXIED BACK TO THE END OF THE RWY. I COMPLETED ANOTHER FULL RUNUP WITH NORMAL INDICATIONS. AFTER TKOF AND APPROX 3-4 MI SW OF ZZZ; I HEARD A BANG AND THE PROP OVERSPD. I PULLED THE THROTTLE AND PROP LEVERS BACK. THE ENG RAN VERY ROUGH BUT PRODUCED APPROX 20% PWR. I DECLARED AN EMER AND LANDED THE ACFT WITH ZERO OIL PRESSURE AND OIL ON THE WINDSCREEN. THE ENG QUIT AFTER CLRING THE RWY. ON INSPECTION; A 4 INCH HOLE WAS FOUND ON THE TOP OF THE ENG WITH A ROD STICKING THROUGH THE HOLE.