Well it turns out my guess was correct. Balance shaft belt snapped off.. and the tensioner ended up completely separating off, from its base. Crazy stuff.
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Ordered a new balance shaft and timing belt, along with a new tensioner for both too. There goes $115 more dollars I didn't have to spend. I'm a little optimistic as far as the valves being okay though, I think this was the only problem.. at least, I'm really hoping so.