Haven't posted for awhile but have done some more work. Pulled the crankshaft out. One journal is little rough but not too bad. I think polishing it up may do it.

Crank was stamped with "99". I am guessing that that was the last time there was work done.

The crank bottom bearing and the piston wrist bearings on #1 cylinder are pretty rusty. That's the cylinder that had water in it. I'll replace those. This may have been the problem.

The oil pump gear on the crankshaft is prettywell chewed up and will need to be replaced. I am thinking of just removing the pump and going to premix. Any opinions?

Going to buy gaskets and bearings tomorrow and then I'll finish cleaning it up and begin to put things back together.