Originally Posted by JimN
Call your insurance agent.
There's no guarantee that it's all toast. Since it will require some exhaust parts anyway, make a list of what definitely needs replacing and start with the obvious. Test the compression but run it with a better water supply than a Fake A Lake will provide, especially if your water supply's volume isn't higher than what the raw water pump draws.
Put your intake hose into a bucket and run the engine that way making sure the bucket is always full of water. You may get lucky since your engine is a cast iron.