Re: Water coming out of #4 spark plug hole.
Before you take the heads off, you need to run a pressure test on the coolant system and a compression test.
YES!
Don't pull heads before you pressure check the system.
You can remove exhaust manifolds and still easily do a pressure check......because you would want to isolate the hoses to the manifolds anyway......
Also, you're not going to have a LOT of water in the oil if a riser is leaking. (unless you have a cracked piston, no rings etc.....)
very little water gets past the rings during starting and while the engine is running little or NO water gets into the engine from a leaking riser. (it just gets "blowed" with the exhaust!!

)
On the other hand, if you have a cracked head, you will get water into the oil and if you have a cracked block A LOT of water will get into the oil.
Break the manifold//riser connection and carefully inspect the riser gasket (you'll destroy it but you should be able to tell if it was leaking)
You could also fill the manifold(with riser still on) with water (stand it up...hook a hose to the lower manifold connection ) and see if the water runs out internally. You'll have to wait for the little bit that goes over the top to drain back if you over fill it.
Do the pressure check first. You need to check for leaks in the block, heads, and intake manifold first.
Cheers,
Rick