I agree with Brian dont get to ahead of your self.
I had a similar occurence , water in the oil - I was dead set it was a blown head gasket(s) at minimum.
I had all my tools out ready to yank both heads and the cherry picker handy, just in case.
I slowed down after pulling the intake and did a close visual inspection on the gaskets.
Whollah! found one gasket that had been leaking. What a relief.
Luckily I didnt get to carried away as I didnt have either header off, nor the V/C's.
Point is a: It's never a bad idea to be prepared for a worst case senario, but then agian, dont fix what aint broke either.
JMO>Cp