hey guys first time posting over here but i have a 89 js550 any who, last summer i got my ski up and running and i was ridding for a about a hour when my ski just stalled at WOT( almost wot, it sputters if i pull it fully) and it started right back up

, i rode back to the truck pulled my plugs to find water shooting out of my head, i have a aftermarket carb, intake , resonator and k&n air filter and i have to give it a quick shot of ether to start it when its cold, no primer or choke( idk why the last guy did this). I went to start my ski yester day to go ride for the first time this season and i click the starter to hear nothing. i pull my head and my pistons froze i believe, i got them to move one turn but now they wont budge. unless the impeler keeps my motor from rotating then its froze.
now what should i do?!?!
i dont want to spend a lot of money on a sbt motor, i dont really want to rebuild soo this is my plan and i want you guys to throw your brains on it:) .
- pull motor
- bore to the next piston size ( i think i can bore two more times)
-put a aftermarket head on
- paint and throw it back together.
is there any issues ill have? and is there a fuel pump? i also have no rev limiter and idk if i even need one?