What about the effect that water will have on the other components of the engine, head, valves, INJECTORS (if you have them), cylinder sleeves, just drain it and cut your losses. Sure it is a pain now, but will be an even bigger pain if you conk out in the middle of the lake. In a storm, with water on board, and your grandkids, kids and mother in law (well that's a bad example) or wife, or or or ME!
Also alcohol will not mix with oil as well as gas. Gas is a hydrocarbon, as is oil, alcohol is not.