Out playing at the local river mouth I was obilivious to the tides rapid advance leaving me to leap thru a channel to get back to solid ground I chose the same spot I crossed over to get out there but it was flipping deep my poor old 1973 Series 3 SWB swam it's best but took a heap of nasty sea water thru the not quite high enough snorkel. The result was instant full stop and a tow required from the ankle deep water just a metre away. I took out the glowplugs asap and expelled copious amounts of water and to my relief got it to start once assembled (before the tide got to knee deep). BUT I am getting grey blue smoke burning oil and there is a new knock in what I can tell is a valve. I managed to drive home the 40kms home getting up to 90kph but lots of smoke and a bit noisey from a valve but no problem starting making me think it's a valve bent and not a conrod or the timing chain has stretched making it a timing issue.
My question to the many experienced punters here is where should I start? I'm thinking of replacing the timing chain and lifting the head to check the valves for any obivious damage. If damage is not seen or measured then replacing the valves stems. Is it possible the the head gasket is partially blown. Which I can do with engine installed but am I better to remove the whole thing and whip out the pistons etc in essence recon the whole thing.
I'm thinking after typing this I've answered my own questions but any input would be great.