You stated that your engine ingested water two years ago and you may have to purchase a new motor.
On that thought, you may find this info helpful.
A friend was in a similiar circumstance a few day ago; he bought a 94 GTX that ingested water a few years ago and the water was never expelled.
Well, since I had very recent experience removing and disassembling an engine, (my 1st one) out of curiosity, we pulled the engine last night. 
In his case, before we pulled the engine I rotated the PTO to ascertain whether it was frozen and it was not. 
That said, my thought was that in consideration that purportedly there was water in the engine for about two years, maybe the crankshaft bearings were rusted?
That was not the case. Everything looked fine. 
The carbs, however, has some rust which he will be cleaning.
Based upon the foregoing, maybe you may be in the same circumstance, so don't jump and purchase a new motor until you check your old one out.
Just some thoughts from a Shade Trree mechanic.