Water in cylinder, now rust, now what?

First car I bought was a 69 caprice, with the short block under the hood and the rest of the engine in the trunk. It had bad rust in several cylinders. Used a bead hone in the bock after pulling the pistons and rods. had pits in the cylinder walls almost deep enough to run the piston past a bb, and some piston tops were eaten to half the original thickness. Wire brushed the pistons, cleaned the ring groves with a broken ring, new rings/bearings/gaskets, bolted it together and proceeded to abuse that car to no end. Not a whole lot of power (327) but it ran dependably! You can get by with some horrible work but your results will suffer.