Water in the oil usually means the owner found some gray looking oil on the dipstick. It might take some time for it to accumulate enough internal leaking for that to be apparent. Antifreeze in the oil WILL eat the bearings FAST. If you want to chance it, I would drain the antifreeze and put in straight water and some Barr's leak and run it for the summer monitoring the oil closely, then switch back to antifreeze in the fall if the oil stays clear.
Any sign of knock and shut it down fast before you throw a rod through the block.
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Today's Featured Article - Show Coverage: Journey to Ankeny - by Cindy Ladage. We left Illinois on the first day of July and headed north and west for Ankeny, Iowa. Minus two kids, we traveled light with only the youngest in tow. As long as a pool was at the end of our destination she was easy to please unlike the other two who have a multitude of requirements to travel with mom and dad. Amana Colonies served as a respite where we ate a family style lunch that sustained us with more food than could reasonably fit into our ample physiques. The show at Ankeny
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