Re: 1987 150 XR2 vs 1977 175 Black Max
Odds are good that the 1977 175 block and the xr2 block are exactly the same. Should be an easy transfer.
If it has a steel liner, it can be easily bored and one oversized piston fitted. Even if it doesn't you can get it bored and one steel liner inserted. Just be sure the rings on that one piston are right for the sleeve material.
What made the piston pop? Figure that out before you swap a bunch of parts around or you might just immediately grenade your handywork. Yer looking for double firing spark, plugged carburetor, plugged cooling ports in a head, lost ring pin, etc.
About the frankenmerc bit. A lot of Mercury engines are pretty freaky right off the shelf, like 2.5l blocks bored and sleeved to 2.4l, various carbs, top and bottom guided rods, etc. With reasonable study and care, you can usually mix up parts successfully.
hope it helps
john