It's generally is not recommended to add a heat exchanger to a used motor, even a fresh water
A rebuild where the block is baked, hot tanked and flushed is OK. However I would still run an inline mesh screen on the heat exchanger inlet based on personal experience
Used salt water motors will have a build up of flaking rust in addition to rocks, sand, small shell fish in the water jacket. Fresh water motors will have the mineral deposits, rocks, sand and small shell fish.
You cannot clean out the glycol side of a heat exchanger, so any debris in the water jacket will plug up the heat exchanger
However if you pull the motor, you can pull the heads, get the motor on a stand, turn it upside down, and chuck up a 17" section of 3/16" steel cable in a drill and manually clean out the water jacket. I usually see about 2-3 cups of debris come out. The heads usually require a bore scope inspection, and an acid flush in addition to the manual mechanical cleaning.
OMC had a vertical heat exchanger with the expansion tank higher than the carb. The Volvo and Mercruiser units are mounted horizontal.
Any can work, even a generic heat exchanger mounted to a stringer with a remote expansion tank and fill line.
A raw water cooled motor uses the thermostat as a mixing valve and always has water running to the exhaust. This is done by the special marine thermostat housing with a half dozen houses attached to it
A half system always has the raw water running through the heat exchanger and then out thru the elbows and exhaust. The glycol side has a small bypass from the heads to the water pump inlet, and the thermostat is in a simple thermostat housing, that opens and closes the main glow thru the glycol side of the heat exchanger. A vent line from each head or highest system point goes to the expansion/deareation tank to remove air. There is a full line from the expansion tank to the lowest point in the hose going from the heat exchanger to the water pump inlet
A full system is a bit more complicated with constant glycol flow thru the exhaust, and the thermostat is again used as a mixing valve on the block and heads. There is usually 4 vent lines to a much larger expansion tank and some systems use 2 thermostats. Raw water is constantly flowing through the heat exchanger and out the elbows