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Check fuel pressure Check advance at 3000 RPM. Sould be a 20 degree advance all in by 2800 Reving in neutral means nothing. The motor will rev to 5000 RPM running on 2 cylinders with a gummed up carb However a carb with fuel delivery issues won't rev under load

Boats don't sit unless there is an issue. Look for signs of rot in the transom

Could have been a 2-barrel Holley was used on the higher HP motors thru the 80s. IE, the 260hp 5.7 motor got the Q-jets, the 271, 290 and 310hp motors got the Holleys The 205hp 5.0 was Q-jets where the 230hp was Holley

you need to follow the factory manual. you probably wont find anyone willing to work on anything OMC @Lou C has a write-up on adjusting. you do need the tools.

carb has been swapped. Volvo uses Holley. that is an edelbrock (aftermarket)

the SBC is about the same length as the 3.0 it is wider you will need to get everything from pulley to prop and swap the entire longtail.

your local radiator shop is usually looking for work, and they weld aluminum cheap. my guy had more boats and boat parts than radiators the last time I was there.

as long as your 3psi is at WOT while under load, you are fine. holley carb will function properly as low as 2 psi and as high as 7 psi

key to brisket is mustard slather and lots of magic dust...... then low and slow for hours with the right wood. I like oak and cherry.

arrows on the cover. and yes, if the pump ports are on the port side, its the lower one that is inlet.

and each of the flappers has two leafs. make sure to get all the bits out of the Y-pipe. most of the time, you have to pull the drive to get them out.

I think it will be vessel view that gets to Ted....

You are confusing ignition timing and cam timing Yes, retarding the cam timing will move the power band lower (sooner) providing a bit more torque on the low end

Have it welded for $50

you have to do some troubleshooting to see what needs to be repaired. either the piston seals need replacing, or there is dirt in the hydraulic pump holding a load holding check valve open.

https://www.amazon.com/Shields-3680385-HOSE-FUEL-FEED-A1-15LP/dp/B00C4ZN0F6 This is what I have used, without a problem on I/O's and outboards

throw the clymer manual out as there is more wrong information than correct in there. they make bad toilet paper and worse manuals. do you have Volvo Penta motor and drive, or Mercruiser? if Volvo Penta, go here for factory manuals...

the motors are the same vintage. all 4.3 motors have the same external dimensions and mounting points.

you have lower units from two different vintages. you are going to have to do a lot of work to get it to work. two different style drive shafts, two different style shift shafts. what else has changed over the years. just because the mounting bolts line up, doesnt mean it will work.

inspect it, find out what is wrong and fix it. since you did not post pictures which may show the issue, we really cant help.