When I had my head gasket failure the water was in the oil/engine for about a week before I could get the boat off the mooring, though I did drain it out before I hauled it in. After I got it back on land I changed the oil 3 times and drained the engine after each time it was run. When I pulled the cyl heads to do the repair, I removed each lifter to inspect the cam lobes and they looked like new. No real corrosion anywhere that I could find.
As far as the bearings, when I started it up after the repairs, there were no odd bearing noises with the engine under load, oil pressure readings were exactly the same as before, and oil analyses I did after the repair did not show elevated metals suggesting bearing wear.
So if you act quickly, do numerous oil changes AND drain the block each time you MIGHT be able to save it.
BTW the water in mine was SALT water.
Here's a pic with the manifold removed, not much rust there eh?
Only real rust I found was in the cyl head combustion chamber area of the cyls that has water in them. You can see that in the 2nd and 3rd pic.