The key to restoring a swamped engine is to get it going as soon as possible. Drain the fluids/water mix (engine and transmission), replace the oil filter, oil, transmission fluid, replace the points, condenser, remove all the plugs, crank the engine over a few times to blow out the cylinders, then, replace install new plugs and fire it up. The less time that it sits post swamping the better. If you have done these steps, fire it up as soon as possible. You have nothing to loose. Once you get it going, closely monitor the operation: Oil pressure, evidence of white smoke in the exhaust, oil level in the crank case after each use, etc. The more you run it the more confidence you will build in the final integrity.
mr.jrc -- 1986 Supra Saltare