if the oil is super dupoer milky.. I'd drain it after you fix the lift if it needs fixing .. cam pin..e tc.
before you drain it.. add some diesel, atf and 90% drug store alcohol to it and run.. then drain.
if it's only a lil cloudy, go buy a couple quarts of that 90% drug store alcohol and add it to the sump. then run her like normal.
the water will flash faster....