Did we break our Avalanche? Do I need to get a 2500?

No, it has been behaving normally until this event

In googling, other owners have has the exact event: several warning lights come on (traction control, oil pressure, engine light), ticking starts, and a lifter and cam is needed.
do I dare to fix/put in a newer version of an engine that has this known problem? Or trade it off?
When you guys say not enough info, what am I not providing? Sorry, I'm new to all this lingo but appreciate the input!!