Re: 1972 Slickcraft with OMC stringer
Interesting string here.
I'd like to offer a few comments on your dilemma..
Yes it would be east to swap a 350 in to it, but besides the marinazation needed the power would blow the drive off the boat.
Picture looks like the housing for the worm drive is corroded through, hence the rust on ,top. The problems with the tilt system is well, they leak no way to ever make one not leak period. But you can live with them.
The problem is when the water in the housing goes undrained it floats the oil up the shaft and in to the drive motor itself. The oil softens the lacquer insulation and zap the motor shorts out for good.
How to live with it, just drain and refill the tilt case often, every trip if needed. Fact of OMC life. There are several nylon washers on the shaft and they are important to be all there for the tilt to function properly and with reduced effort (longer life).
Stringer rot. Good point, my 84 Regal had bad stringer rot. I cut the stringers forward enough to replace the back with laminated blocks (3/4 marine ply) to the necessary height and shape to match the rear engine mounts. I used an airhose to blow and vacuum as much rot out of the remaining fiberglass tunnel and filled with canned foam. Glassed the whole mess in and dropped the engine back down. This was done with the drive removed and the engine moved forward. I have seen a nifty thing done with 1/4 thick aluminum angle.
2x3 or 2x2 put as far forward as possible under the front mounts the the transom and the engine set back down on them.
If you do swap for a older M/C set up, I would caution against the urge to swap for a 350. The older drives were not made to hold the bearings under that much load and you will blow the upper gearcase and or twist the vertical drive shaft. These drive are good for about 200-250 hp. last better <200 hp.
If you look for a M/C look for one does not have the round rams, as they use a shimmed preload on the top bearing not a funky spring.
Given the loss of oil, low knock would most likely be a rod brg. Siumular noise can come from the gimble brg. or in OMC the bearings behind the ball gear on the boat.
A leaky drive can be delt with by changing the oil often 2 or 3 times over the summer. Unless you get water and not just milky oil then reseal time. I dont have much experience with this older drive but I know the electric shift outboards use a different (read special) oil, making them "special needs" drives.
Good luck with your task. A daunting one, but not impossible.
Can't stress enough, don't put a 350 in and think you can pull wake boarders and still have drive on the back of the boat at the end of the day.