If water is going directly into the oil, there is no need to do a pressure test, you already KNOW there is a leak. Compression tests probably aren't going to tell you anything either, as you can still have a good seal on the head gasket around the cylinder (Where no oil other than a very, very small amount not scrapped by the oil control ring, belongs anyhow, nor does coolant), good valve seating, free exhaust flow, everything required for good compression, and still have a head gasket that is blown between oil and cooling ports in the block/head, or a cracked block. If there is water going into the oil there is no other way to tell where or why it's getting then than to do a tear down.