Steps 1-4 completed last night. It took me three hours! re-installing the oil cooler took two of those!!! It is in one B*TCH of a spot. You have to be a contortionist to hold the cooler up while you start the bolts on the bracket and the threaded hoses are located so that you can only get an 1/8 turn (if that) each time after you have fought to get the threads started.
My oil evacuator seemed to go nice and deep into the oil pan and sucked out all the water on the bottom first then the "skummy" oil/water emulsion. I ran the boat up to temp and let it idle for ten minutes and there only seems to be one tappet that may be bad. I am still expelling an oil slick but that is just what is left in the cooling water lines (I hope). Oil level did not drop significantly.
Care to guess how many gallons of water a big block chevy holds?
I pulled two evacuators full, 6.6 gallons, (3.3 each time) of water and another 2.5-3 of emulsified oil/water!!!! I could not believe it! I guess that's why they need 9 quarts for an oil change!
I added new oil, filter and turned the motor over without starting then let the oil sit for ten or so minutes before I checked it then started the motor.
I am hoping that any remaining water will be able to be removed tonight before I start the motor then I will change the filter and run it up to temp again before changing the oil again.
Next step would be sea trials for a couple of hours but... AGAIN this weekend we are calling for miserable weather

so we are going to travel to the US and stay overnight for some shopping and relaxation by the pool at the hotel.
I'll keep you all posted as I progress