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Re: My truck has milky oil!
I've had a blown head gasket that resulted in steamy smoke from the tailpipe and milky oil. Changed head gasket and flushed the engine new oil and drove it another 40K+ miles before I sold it. Could be you trashed the bearing they could be fine too. I think it may just depend on how contaminated your oil got. More water more damage, keep in mind it doesn't take very much water to milk up your oil.
I wouldn't dump a crap load of cash into the repair until I knew for sure what shape your bearings are in. You said you have 45psi at idle. That's great, what about after you went around the block? at idle. If your cam bearings are trashed you should have low oil pressure.
Good luck.
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