Yep thinking back, I did this test even before I had the overheat, tested it in the water and I had bubbles. And, I was getting sodium in my oil report back in 2011, so the head gaskets were starting to leak then, but I didn't really put 2+2 together, or maybe figured that I'd wind up replacing the engine anyway. Knowing what I know now, the right move would have been to pull the cyl heads, inspect the sealing surfaces, and have the heads checked at a machine shop. Here in NY you can buy a set of reman heads for a 4.3 for approx $300 each, good marine gaskets are about $125 and at the same time I'd replace the cyl head bolts ($100). Doing that, will give your engine a new lease on life IMO.