Water in the sump !!!

May be a Cracked head or head gasket failure due to age. Do a compression , leak down test to start eliminating cause. Must be a significant failure to fill the sump. I would think it would run poorly, and reek of coolant smell out the exhaust if it runs.

 

First dont start the engine, second find out whats caused it. Only place i can think of is the head gaskets, cracked head or block.

Flushing out the oil/water mix is the last of your problems at the moment.

 

It sounds like a severe leak.
You might check the coolant/oil heat exchanger, drop an oil hose off and try blowing air in the radiator cap again, it could have cracked internally.

 

Internally leaking oil cooler (#12) is a good possibility. Disconnect the oil lines and pressure test the cooling system. If coolant comes out the oil hose fittings you've found it. Anything else pretty much means the engine comes out and apart. You can't remove a head in the car.

If this just happened and you didn't run it long you might get lucky. Running an engine with much water in the oil will wipe out the bearings pretty fast.

Good Luck.
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If the heat exchanger is the problem, I would also expect oil to blow out the coolant system, or at the very least the coolant to have oil in it; the oil pressure is a lot higher than that of the water.
That exchanger is well worth a check though. Aren't there two designs with different connections, depending on model year?

 

Early Dinos had the oil connections on the ends, picture posted shows the later version.
This heat exchanger arrangement persisted for many years, a 355 would fill it's gearbox with coolant when one lets go.

 

Like this perhaps. Still a likely failure.
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If you have water in no 3 cylinder then water is letting by the rings to get into the sump.

sorry to say but you may have a big problem. Pull the head off and check bores, gasket and head.

Tony