Marcsrollin and hotrod56,
Thank you guys for your response. I just called Joe over at JP Marine, seemed friendly and was able to answer a couple of questions i had right up front. I also liked the fact that his availability was good, he said bring it in as soon as you can and we'll get crankin' on it. The other guy i called said 3 weeks before he had an opening, not good when the season is approaching so quickly! Im gonna bring it in on Friday and Joe said it should take about a week.
The problem i was having was that there was water in the oil but its not the head gasket. The guy i bought it from just put a new head gasket in it but couldnt figure out why water was getting into the oil. From a couple people i have talked to they said its most likely my water injected bassett headers valve getting stuck open and that its a pretty easy fix. A couple of hundred bucks and it should be ready to roll.
Thanks again, i'll repost with anything new i find out and about my service at JP Marine.