Re: Sold the L drive!
As with any boat, it's all about condition, condition, and condition.
As with any Bayliner of that vintage, you MUST carefully check the sole, stringers, and transom for rot.
As with any OMC outdrive, it's about how it's currently working and whether you or your local marine mechanic can/will work on it. If it's in good shape now, it may only last you another 20 years with proper care and feeding.