[911monty]

This simply hurts to see. Back in the 70's (yeah I know) did a lot of boating. Flat bottom hydros, drag boats etc. with low transoms were everywhere. When one would sink ( and they did frequently if the engine died or you didn't goose properly coming off plane to keep the wash from rolling over the transom) the goal was to get it back on the trailer, drain oil, fuel tanks, carbs etc. pull plugs and spin to get water out of the cylinders. Fill with clean oil and get started ASAP. Then run to temp and let the engine heat steam out any oil in the engine. Distributors didn't like it much since marine engines vent there but WD-40 would take care of that, if done quickly there were very few issues afterward. Starters failing might be typical. The clocks ticking on this engine, but I'd get it started post haste. A good Marine engine oil might be a good choice since they are loaded with corrosion inhibitors. Good Luck.