Well, I got a chance to dig into it tonight. I went and bought a case of oil, and two filters, and drained the oil/water. I ended up draining about 2 gallons from the motor, so it was about a 50/50 mix of oil and swamptrail water.

I drained, it, pulled the old filter, and poured 3 quarts of new oil straight through. It was barely starting to clear up after the 3rd quart, so I put the plug in, put on the first new filter, and filled it with 4 quarts. I started it up, and after a second, the oil pressure shot right up to 60 psi where it belongs, and let it sit and idle for a few, then brought it up to about 1250 rpms, and let it sit there for a few minutes, and then let it idle again. The smoke was totally gone, so thats a good sign, I was worried a little about the rings, but all was looking good. I revved it up to about 3500 a few times, and shut it off. Pulled the plug and filter again, and it was looking a little cleaner than the first time, but not much. By the end of the drain, it was looking pretty clean with a few grey swirls coming out, so I stopped there, and will do one more oil change tomorrow night, and it should be good. I pulled the fuel pump block off plate (which I think was the culprit of why the water got sucked in) and looked in with a flashlight. Everything looked pretty clean, so I think I should be good to go after one more flush and a refill.
I moved on from here to pulling the right front shaft, where I was pretty sure the birf had cracked and spewed it's guts, and sure enough, it was. I pulled the hub and spindle, and tried to pull the shaft, but couldn't cause the guts of the birf were lodged, so I had to pull the knuckle, and that is when parts started falling out. I knew the birf was done for, but I was hoping to have a good inner shaft still, but no luck. Basically, the bell cracked, balls dislodged, then the star and cage exploded into little bits, and it marred up the splines pretty good, and pulled the clip off the end. No biggy, that's why I have spare shafts laying around. And it just happened to be the long side, which I have two of, so now I still have a complete spare set left after installing the one long side.
So anyways, as promised, heres some pics
How I swamped the motor.
How I popped the birf, backing up this hill.
The cracked bell
The guts