chevy6.0fan

Couple of week ago I accidentally ingested a bit of water in the engine. Took the plugs out, cleared the cylinders and she fired right up. I thought no big deal as everything seemed just fine and at least initially I didn't notice any power loss. Now the oil pressure isn't building like its supposed to and it wont go above 50psi. When cruising on the freeway it drops to 25-30psi. The engine has lost some power and is now burning a quart every 3-4 tanks. I did a compression test and 3 cylinders on the drivers side are only building 120-130psi. Obviously this is not good and I have not been driving the truck at all. Do yall think this one can be saved maybe with some new rings or do you think I ruined it? Got a price on a 05 LQ9 with 78K for $1700, but the truck is so old and worth so little now I don't know if its really worth it. I'm thinkin maybe I get a plain jane LQ4 for cheap and sell the truck using the money towards the purchase of a new one. Thoughts?