Re: Good place for OMC 5.0L engine part
Externally, these two engines are the same, so all of your bolt-ons (starter, alternator, manifolds, carb...) are interchangeable. Yes there is more power, especially bottom end torque with the 350. There is no difference in weight, and you should not see any significant change in fuel consumption ( unless you start to play with your new found power). You will need to either re-gear the drive or replace the prop to keep your WOT RPM within spec.
Do you know what gear ratio your drive is now?
What pitch prop are you currently running?