I see number three exhaust valve is open and that's the rusty plug, right? That's where the water got in. Take a flashlight and look in the spark plug hole and try to look at the cylinder wall or the edge of the open valve for major rust.
The bit of play in the flywheel is telling you that the crank bearings are not stuck. I see no discoloration on the rod caps so I'm going to say you have no spun bearings.
Looks really clean inside! Someone kept the oil changed.
I would look for another nose or may be as cheap to buy another starter. That one will work for now. Put as big a washer as will fit under the bolt to get you going till you find another one.
Look directly underneath the transmission and the seasonal disconnect will be evident if it has one.
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Today's Featured Article - A Lifetime of David Brown - by Samuel Kennedy. I was born in 1950 and reared on my family’s 100 acre farm. It was a fairly typical Northern Ireland farm where the main enterprise was dairying but some pigs, poultry and sheep were also kept. Potatoes were grown for sale and oats were grown to be used for cattle and horse feeding. Up to about 1958 the dairy cows were fed hay with some turnips and after that grass silage was the main winter feed. That same year was the last in which flax was grown on the farm. Flax provided the fibre which w
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