The bits of metal could also have traveled into the cylinder through Oil, Drain some oil and check for metal bits, invest in a magnetic drain plug. While that plug is quite nasty, doesn't necessarily mean your cylinder is toast, clean that plug up with carb cleaner and it may even work again. A Compression test If your really concerned about the cylinder.
That being said I suppose you could conclude that the rings may be worn down, maybe not toast but worn down. Letting excess oil into the cylinder, rent a compression tester and see what your numbers look like.
Edit In: How bad is the oil consumption?