Since your engine was filled with lake water and lake water is loaded with fine dirt and other contaminants I personally think you should back up a bit. First off I think you would benefit a lot by buying a Chiltons or some kind of motor manual. Second, since it doesn't sound like you have intentions of at least pulling the heads, I would pull both valve covers and remove the oil pan drain plug. Then I would get a 5 gallon can of diesel fuel and slowly pour it over the top of both heads to flush as much silt and trash out as possible. The fuel is high detergent and has some lubricating qualities. Once you have done this, I would then refill the crankcase with cheap oil and prime the engine while turning it slowly by hand. After a few minutes, I would change the oil and filter and do it again. After a couple of times doing this then I would go ahead and put decent oil and another filter in. Next, since you did try to crank it with water in the cylinders I would remove all pushrods and roll them on a plate of glass to make sure none were bent. Once that is done, I would definitely spray each cylinder again with just enough WD 40 to fog the cylinder walls. I would then locate top dead center/compression on #1 cylinder and begin the valve adjustment procedure using your new book as reference to firing order and tightening sequence. Just prior to trying startup, I would reprime the oil system and hope for the best. I would run the engine for no more than 10 or 15 minutes and then change the oil and filter again. Then, you could possibly be ready to go on your "chick hunt".