What about gaskets? Do power torque gaskets fit on full crank engines?
No. The PowerTorque doesn't have a cylinder base gasket, and the head gasket is different to the full crank 160cc one.
wotwozthat, the main concern with a 2-stroke Victa that has had water in it, is the condition of the big end bearings. If the water has got to them, the engine is beyond economic repair, unless you have a good crankshaft on hand to use.