I recently purchased a 1988 19 foot Bayliner Corbra. Used it 4 or 5 times this summer with some minor problems. Hard to get started, but once started no problems. Runs at about 5500 RPMs 38 - 40 MPH. 13 1/2 X 17 prop. I was going over the motor just to make sure all was in order. Re-built carbs, floats were set too high. I think this was why it was hard to start. When running the motor with muffs, I noticed that #1 spark plug had some water droplets on it. Compression was 125 on #1, 135 on #2, 140 on #3, and 140 on #4. I also noticed evidence of water leaking around a couple of the head bolts too. I figured that the head gasket was bad. I replaced the head gasket twice. It stopped the leaking around the head bolts, but not the water droplets in #1 cylinder. I replaced the water pump impeller, the impeller housing and the drive shaft seal in the housing. I noticed a significant increase in the water coming out of the two exhaust holes in the upper rear portion of the motor. Used to just spit water with muffs, now two solid streams of water coming out. Unfortunately this seemed to aggravate the water problem in #1 cylinder. Also #1 plug was clean as a whistle, while the others showed light carbon deposits. I dissasembled the motor and took the bare block and head to a machine shop. They had to take off about .015 off the block, and .007 off the head to true things up. I also noticed that the stainless steel baffle plate under the exhaust cover was severly warped. Could this be a source of water leakage too? If it was leaking, can water get into one of the cylinders? The stainless steel baffle plate seemed kind of thin. It measured .029 thick. I have a piece of .046 stainless steel that I plan on using to make another plate with. The thickness shoudn't cause any problems should it? I also wanted to mention that I have new rings. Figured this would be a good time to eliminate any issues there too? Anyways, just wanted to bounce a couple of concerns off of anyone out there before I put the motor back together again while I'm waiting for engine gasket set and seals to arrive.