I purchased a 1995 Rinker with a Mercruiser 4.3 at a great price, knowing that the engine is toast. There is evidence of water in the oil inside the portside valve cover only, with no water evidence on the dipstick or elsewhere. The engine starts easily and runs smoothly, but with a loud knock. Compression is low (140) in the forward port cylinder compared with the other 5 cylinders (average about 165). Any ideas before I start turning wrenches? I was hoping it might be just a head gasket, but the knock doesn't help. I'm familiar with this engine in automotive aplications, but not the marine version.