I just logged in and saw this. This is bad news Wayne.
I would say the best thing would be to totally strip the engine and check the bearings. If the car has been used in the past with a blown gasket and the water just topped up as it kept vanishing into the oil them chances are the bearings and maybe the crank got damaged.
If the water has got in from the rain or gasket while it has been standing then the cylinder walls could be badly rusted.
You will need to take the heads off at least. If everything looks perfect when you do that and you want to sell the car on to some mug then don't worry about it. Just replace the head gaskets and get shot of it.
If you find the cylinder walls damaged then see how deep the corrosion goes and if a re-bore will clear it. If not your best bet will be to find a new engine.
Stop buying junk cars wayne. This is three cars you have now that need a lot of work and money.