DO NOT assume that the engine is trashed. Luckily, it sounds like you've caught the problem before any serious damage occurred.
Replace the head gasket and water pump, check the oil pressure - which can vary wildly with engine oil temperature. Mine has ran as low as 50psi @ 3000rpms when running the engine very hard in hot weather.
Change the oil frequently - like at 100 miles, then 500 miles, then 1000 miles. Send that sample in for an oil analysis. That will tell you if bearing problems exist. Do not just assume the engine is trashed....it might be, but it may be just fine.
The only way to tell is a used oil analysis. Go to
http://www.blackstone-labs.com and order the kit to send them a sample - it's free. You don't pay until you send it in to them for anlysis and they are very fast.
Late,Trav