Before pulling the motor I'd pull the head off to assess the damage (might not be that bad), have it checked for cracks, get a valve job done and resurface. If cylinder 4 is seized the piston is junk and the cylinder wall is pitted. Look for a short block on eBay. I would double check those manifold and riser, they're the most likely reason why you got water/rust in cylinder 4. And just a heads up, be sure that unless you get very lucky you will spend a decent amount of money before a dead 470 is running "reliably". Good luck