Re: entire engine and drive swap
Travis,
That engine will be a GREAT choice for your boat!
It may be a complete overhaul but it will be worth it! I really wish I could have found an MPI instead of a carb'ed engine!
If it was locked up after a very short time it could be a lot of things from blown head gasket to a leaking riser gasket or cracked riser/manifold.
At the least pull the plugs and see if you can turn the engine over.
A couple of weeks of water in the engine might result in a complete rebuild but you probably won't have lower end damage.
If you cannot find a good deal on a local drive, you can always get the transom "stuff" on ebay and an SE drive for it.
That engine is rated 250-280 hp. It should be pretty nice.
Yes you might be able to go to a 350 block but the cam, and ECM might be different. To get the rated HP out of a 5.7 MPI you would want to do everything Mercruiser does to get it to be a 5.7 MPI. that might be cost prohibitive and might not be worth it.
Don or someone else here can tell you exactly what you need to change it. Again the difference between a 5.0 and a 5.7 MPI in your boat is not going to make a lot of difference in performance.
Just make sure you get the correct ratio drive. Don't exclude yourself from getting a Bravo either if you find a super deal (like I did!) If the engine doesn't have the raw water pump it can be added easily. There's always a couple of surpentine belt raw water pump assy's (pump/bracket/pully) on ebay.
Sounds like a fun project. Don't forget to ensure that the transom wood is dry and sealed up good. I even did a little fiberglass work to clean up my engine compartment and painted the whole area with Bilge Kote to clean it up.
There's an enormous breath of freedom when you pull a Cobra out and put something MUCH newer in I'll bet it's the same when you pull a 470!!!
Cheers,
Rick