I presume you mean water as in rain water and not water as in Antifreeze?? neither are good for an engine but the later is better than the 1st.
if rain water we (others commented) presume that the exhaust was uncovered and the rain got in that way? if so you'll definatly have to pull the engine apart.
the Case 730 i had was that situation, uncovered for years and rain in #2 and #3 cylinders. I had to drill and chisel the pistons out and they didn't break loose until i got down below the pin into the piston skirts they were stuck so bad. for my situation it was less $ to part out the tractor i had and buy another running model for about what i would have had in the rebuild.
my FIL and i were able to unstick a tractor engine once by bumping it with the starter and it eventually came loose but it did not have water in the oil
so with a bad MFWD and a bad engine you may want to look for another tractor????? how is the rest of it? 16 years sitting out isn't kind to them. dry rot tires? faded/rusty paint?? mice in cab? ect ect
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Today's Featured Article - Ford Part Number Trivia - by Forum Participants. "Replaced by" means the part was superseded. All of my part books date back to 1964 and New Holland have changed some part numbers. They usually put the old Ford part number on the package. I was suppressed when I looked up the part number of the auxiliary drive shaft because for some reason the part number went through a radical change and it lost its "Basic Part Number". Ford part numbers follow the following rules. Most part numbers are in three parts. The middle part is called the
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