Well, I just drained the crankshaft oil and the coolant out of Little Willie. The coolant was most clear, with a rusty tinge. No oil noted. The crankcase oil had a small amount of water at the bottom; I imagine no more than a cup or so. (It could be more, but I have no way of accurately measuring it. I think that the coolant was mostly going out the tailpipe, even though we did not see white vapor coming out. In my uneducated estimation, I believe it could have been worse.
So, the next step is what? A boat racing friend suggested filling the crankcase up at least two times with cheap oil, and turn the engine over to get rid of any residual coolant which might cause corrosion. He called it a dry run and something apparently boat racers do, if water gets into the crankcase. That makes sense to me.
Obviously, we will pull the head and see what is going on. Given that the car ran well and the compression was still good even with the water in the cylinder, I am leaning towards a "simple" blown head gasket. Or at least I hope so.
