Re: 89 5.0 mercruiser
What are you trying to accomplish? The motors don't wear out or fail usually. But if you are going for more power or speed, sure a 5.7 or a stroked 5.7 will fit right there. If the existing motor doesn't run right, make sure the ignition, fuel system and driveline are correct. That's needed with any motor. And if fixing that stuff gets a big improvement with your existing engine that leaves money saved for enjoying it.
To check your existing engine warm it up on muffs and then do a compression test.