Re: 115 cross flow water in cylinder!
Short answer is you'd be better off finding another good, used powerhead than messing around with that one.
On the crank & big rod ends, the shop manual says if you can remove the watermarks with only crocus cloth, you can re-use those bearing surfaces. Problem is, the few times I've tried, I found you can only remove very minor marks that way.
The affected rings are shot. If you can clean the marks off the cylinder walls with 600 grit paper, you're good to go BUT you still need to mike the walls & pistons to see if they're any good.
Now this all applies to making a proper, seaworthy motor. If you just want to see if you can get the thing to run again - sort of as a stunt or to make a limited reliability small lake ski motor - you could have at it. Problem is you STILL need to find out why the water is getting in there in the first place. I think even the quick & dirty low-buck method is a loser here. Probably for any use, best to put your time into searching for, and throughly examining, a reasonably-priced used powerhead.
If you DO try to mess with the one you've got, I'd replace the needle bearings with new anyway (certainly don't reuse those), and don't forget you need to examine the small end bearings as well.