Ok, so I have a few pictures of my own to back up Barry's Theory:
Naturally Aspirated application - 13.2:1 AFR 28 degrees BTDC Timing failed apex seal in front housing at 5400 rpm in 4th gear - after 37 seconds at WOT in road load simulation mode on Mustang dyno.
This happened a while back, but my camera was acting up.
Here are the Apex seals:
The housing in which the seals failed:
Another shot of the housing in which the seals failed:
Here is the other housing:
You can see that the seals failed exactly as Barry predicted.