Water in oil after rebuild - looking for guidance

Spent some time on the rig today. The bolt in question is 7/8" under the head and washer.. I had the coolant system pressurized up to ~ 14 psi at one point, it takes about 15 minutes to loose about 2 psi... maybe a bit quicker when warm. I did run the motor for about 10 minutes today, oil eventually turned white again and I drained it. It did seem when the engine was warm it dripped out of the pan at a quick rate till cool. Coolant level dropped by a half inch or so in the radiator.

I wish I could hear the air, but it seems the leak is a bit to slow. Though, I have yet to drain the coolant and try pressurizing the system.

Also, took the plugs out and turned the engine over a few cycles with the system pressurized, no change..

I'm thinking take the pan of next, try to spot the leak from below. Next being intake then timing cover. Rinse with diesel while apart.