Yo, good job on getting it running, just got mine running yesterday, drove it about 20 miles today.
The thing is when you get water into the system like that, it will drop to the bottom of the oil pan. When i changed my oil just a few ounces of water spurted out. Also when you're starting it there might be a bit of water in your catalytic converter. I started mine up yesterday and it started smoking pretty bad after about 6 minutes, but when i started it up today there was hardly any smoke at all.
I had to replace the whole cylinder head because it was cracked, so i had a slight scare when the radiator hose came off (because it hadn't been properly fastened...) water shot out and my engine temp shot up. Fixed it, drove it around quite a bit more. I am satisfied after about a month...
Next up...windshield...