The state of the carby's throttle butterfly and the home made air filter suggests abrasive ingestion and abrasive wear failure as the likely cause of engine failure.
[Linked Image]
[Linked Image]

However, adhesive wear failure due to metal transfer from insufficient lubrication is evident on the crankshaft main journal. Despite this damage, the crankshaft still runs true on the magneto and PTO journals.
[Linked Image]
[Linked Image]