"you can use a 1.62 to replace
"you can use a 1.62 to replace the 1.5 you have.. but you'd need to move to a slightly more pitched prop, say from a 19p 21p.. I used a 1.98r drive when I needed a 1.65r (4cyl vs inline 6).. with the 1.65 drive i'd use a 19p and with the 1.98 I used a 23p, Give the boat a bit more accell, lets it turn a bigger prop. Around here' 400-800-1000 for a really good drive.
You can get a SEI Drive for $1295 with a warranty, and a few people have posted very positive reveiws.
If you dont want down time when you drives being repaired, the 1.62's fine, but you could also have them change the gears to 1.5 ( may only need 1 gear to change.. ) the ratio is in the upper case.. the lowers are the same.
Make sure it has a new impeller in it, pressure tested and filled with Mercruiser Oil. ( just my recommendation. )"