Well, I guess the lifter/lobe could have been eaten and the pushrod either laying in the valley or slid down into the crankcase. Hard to imagine this without some serious racket coming from the engine bay.
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frittering and wasting the hours in an off hand way....
1969 GTO, 455ci, 230/236 Pontiac Dude's "Butcher Special" Comp hyd roller cam with Crower HIPPO solid roller lifters, Q-jet, Edelbrock P4B-QJ, Doug's headers, ported 6X-8 (97cc) heads, TKO600, 3.73 geared Eaton Tru-Trac 8.5", hydroboost, rear disc brakes......and my greatest mechanical feat....a new heater core. 
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