Glad you made it in safely. But what little PTSD I have from my own similar experience 15 1/2 years ago suddenly came back as I read your account. I had thought of going flying this afternoon. Nope, not today.
I'd had my airplane about 15 hours when I was in the process of returning to the airport for an appointment after practicing commercial maneuvers. I was at about 1000' AGL after a descending spiral. I noticed the oil pressure dropping, but in a classic case of denial, I was certain the OEM oil pressure gauge must be wonky. But I came back on the power anyway, with the thought of babying it to the airport some 5 miles away and started looking for a place to set down. Suddenly the engine sped up (lack of oil pressure to the CS prop governor), so I pulled back everything. Then there was this god-awful shaking as the engine threw a rod--a brief thought was that the engine would come loose from its mounts--and the cabin filled with oil smoke.
I had thought to land on a country road I'd just crossed and had already lowered the flaps to 20 as if on downwind to the road, when I realized that a powerline was too close--I'd likely hit a wingtip on a power pole. So I looked to the right, and that field looked too soft. I looked to the left, and that field was doable. But by now I was getting pretty low, maybe 5-600' AGL, as I turned toward that field--and that powerline was between me and the field. So I lowered the nose, retracted the flaps, and aimed for the powerline. I pulled back enough to clear it, dropped 40 flaps, and made the best soft field landing of my life.
Results: no airframe damage, just cracked wheel pants from vibrating on the field. The engine was toast. Apparently a bearing had spun, depriving the rod of oil. The only salvageable parts were the oil cooler (after being overhauled), the intake system, and the exhaust system (since replaced). Everything else was replaced by Aircraft Cylinders & Engines. That was about 900-1000 hours ago.
Insurance paid only for the removal of the airplane from the field. I had AIG at the time, and they took over 3 months to make the payment. So when they wanted to nearly double my premium the following year, I dumped them for AVEMCO, which I've stayed with ever since--half the premium, much better coverage.
I admit to having become complacent--I'd flown maybe 1800-2000 hours by then with nary an engine problem, but since then, I spend a lot of time looking for places to set down--not paranoia, but wiser concern.
Cary