When you say water what exactly do you mean. Remove plug, crank and water shoots out or water droplets on face of plug?
I still think water went up the exhaust when you shut down. 2 exhaust valves being open makes perfect sense to me. This would cause the engine not to crank over and when it happened to me I smoked the starter cause it was trying to hard. Who would have thought water doesn't compress

Do you have logs and do you have working flaps in the exhaust?
The way you ran it in the drive way is correct.
All the cylinders being the same is good and 150psi is fine. IMHO you are in good shape, you simply have to experience this kind of crap to understand your boat. I have a BBC468 that has 125psi on all cylinders when fresh from build. Low compression, high boost
