You're learning what to look for before you seal the deal. If you can spare the room consider keeping it as a parts source for the next one you find. Especially if they happen to not be common in your area. You may even find one with a good motor and bad rear.
Also the fresh water may have not done as much damage as you think. It depends on how long it has been in there. Certainly it's not a runner now but down the road you may need a crank or rods or even the head. Tear it down and see how it is.
On a final note, last year an H showed up that hadn't run in a while. It had been sitting in East Texas where it rains a lot. I drained about 3 gallons of water out of it. I dropped the pan and cleaned it up. Crank was sitting cross wise and was above the water line. Oil pump was messy but not hurt. The rest of the story is that it ended up running good with no major surgery.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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