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Are you sure about the part number? Per the parts breakdown at https://www.volvopentastore.com the block drain is 3854494, https://www.volvopentastore.com/Cylinder-Block-And-Flywheel-Housing/dm/store_id.366--view_id.790335...

Without paperwork it's most likely a yard planter No one takes a motor out of a good hull

Get a tow to the dock Find a new mechanic Pressure test your engine cooling system If you are lucky and it's just the manifolds, buy a lottery ticket Good luck on finding manifolds

Get a good mechanical oil pressure gauge

Did you inspect the drive gears, or just get the skeg welded?

Use the Thunderbolt trouble shooting steps located in the stickies at top of the forum

Next time out when it starts loosing power. Pull the gas cap. If you hear hissing, you have a plugged fuel vent

How is the impeller?

My first thought is the engine is running hot. With your new to you boat. Make sure you do all the maintenance the prior owner didn't do Like the impeller service, annual drive service, u-joint inspection, alignment check, etc.

Check your electric gauge against a mechanical gauge

Look back at the motor to make sure the 50 amp breaker isn't tripped

SAE J1171 is the standard for electrical components that are spark shielded to not blow you up.

Don't over think it. Buy Delco Voyager dizzy or use the points dizzy you have You are not running any hardware that isn't compatible

Drive down disconnect shift linkage remove bellows clamp and slide bellows forward Remove steering pin Push helmet back Remove 4 bolts holding gearbox to upper Lift gearbox, turn 90 degrees, swear and pull

Use a non-metalic plug wire pliers when you pull the plug wires.

My guess a loose connection Maybe at fuel pump What is fuel pressure?at idle, under WOT, and when you hit a wave

Because it is sensing the voltage on the B terminal. So an S terminal would be redundant

Service and adjust the points, set dwell and timing. Check the fuel

About $60 and a 6-pack if you do the work yourself About $500 if you pay

Raise drive Drink beer Block of wood under skeg lower drive Pull trim cylinder pins Disconnect shift cable Remove cable keeper Drink another beer Remove the two bolts in the helmet pin Use two 1/4-20 x 1-1/2" fully threaded bolts do jack the steering pin out of the gearbox Tilt helmet forward...