Hadn't thought about rings, sounds good. That would account for oil and water not being in the wrong places
that's correct, cracked head would have most likely have oil in water or the other way around or both, and probably build pressure in the cooling system.
I would take a compression first before doing any work, just so you know what you're looking at.
If it's just the rings you can probably get them replaced with about $200 or less (for rings and top/bottom gasket sets + misc) as it sounds like you're doing the work yourself - that is if the cylinders are not scratched and pistons are in good shape (reusable).