As far as the new impeller and wear ring go, yes, you can order a new impeller and Ultimate wear ring from Hi-Tech Performance in Kansas and put it in yourself with no fuss at all. I just bought a pump that Hi-Tech recently rebuilt and this is the first time I have seen the Ultimate wear ring set up that he makes and I like it! It sounds like you might need a new bowl seal while you're at it if you are getting water mixed in with the oil. I mostly have Dominator pumps and they don't have oil in the bowl but I think it should be a simple fix.