Siezed Balance Shaft

First off, I have a 97 GSX with a 6 bolt swap. A few weeks ago problems started. First the turbo went out. I put a new one on it, it drove fine for the night. In the morning I started it and the car ran for a few seconds then died. I took out the spark plugs and the fourth one was smashed in. After pulling the head I found both exhaust valves snapped off and laying on the piston ( there was a very small amount of damage on the surface of the piston). Also when I drained the oil there was only a quart in it (clean oil, no metal shavings or anything). Then I found the balance shaft belt wrapped around the crank and the front BS sprocket is locked up. I have heard that you can just leave the BS belt off, so after turning the engine over by hand and seeing all four pistons moving perfectly with no grinding or weird noises, I put a new head on it and everything back together. I put oil in it and with the spark plugs out I bumped the key to make sure everything sounded right before I actually started it. Well it makes this metal rubbing sound, not the whole time it is turning over but only at a certain point in the crank rotation. The noise seems to be coming from inside the bottom end, its not external. I know nothing about the bottom end of these engines so, I was wondering if anyone knows what could be making this noise in there, maybe it has something to do with the frozen balance shaft? Also what would be the best way to get at the majority of the parts in there, through the oil pan or by taking off the front engine cover. Oh, there is good compression across the board. Thanks in advance for any help.

you cant just take the belt off and call it good, you need to get a bs removal kit.

yep, you'll need a balance shaft removal kit to keep your engine from fucking up again.

I borrowed a stethascope from a friend today and the noise isnt coming from inside the engine, it is external, but I cannot figure out where. Any ideas what could be making this noise?