I have a 302 Ford Mercruiser Engine in a 1985 Sylvan boat
Interesting, Mercruiser didn't use the Ford engines after 1977. Sure you have a Ford there?
Either way, here is Mercruisers latest information on the type of oil you use. Trust me, any of them are as good as anything used in the mid 70's.
http://dc120.4shared.com/download/118501097/9b0c2296/05-02_New_oil_recommendations.pdf