That's a huge shame Nick. Just give it time. It's not the first time a Morgan has been returned from a dealer in less than ideal condition. I heard about a worse experience a couple of years ago, and not the same dealer.
I can only contrast this with my first Morgan experience. Having taken the risk of buying privately, the whole experience was a pleasure from start to finish, and there were no problems whatsoever from the car, which was three years old at the time.
Dried water spots can be a pain. I recently had some on my Golf. Normally I've used abrasive polish, but this time I tried vinegar, and it seemed to dissolve the ring quite easily, so you might give that a try.
