"Jeff: First thing you need t
"Jeff: First thing you need to do is to get the boat manual for that year. SELOC is decent to work from. Others are available. CD versions allow you to enlarge the view of a page.
You can go to this website to see a blowup of the marine version of the year 1987 350 w/alpha drive.
www.mercruiserparts.com/mercruiser_parts.asp
The boat's closed cooling is a plus--the TBI engine waterpump will be protected by the anti-freeze. The marine alternator is different only because it has an enclosure. The flywheel and starter can be swapped from the boat and the power steering should work with little modification of plumbing. You'll need to connect the sea water pump. The TBI will need a flame arrestor which should be easy to get.
The old exhaust manifolds may need to be cleaned of rust and scale with muriatic acid before reinstalling.
I'm not sure if you'll be able to keep the 195 deg. T'stat in the replacement engine since the boat's T'stat runs around 140-170 deg. or so. That may affect the TBI by telling the computer the engine is not warm enough--computer may need to be reprogrammed.
Carefully check the engine coupler for worn splines. If it was neglected (not lubed), it wll need to be replaced if you see rounded splines--not a cheap part. The engine mount bases on the boat need to be solid. If they look a little depressed on top, suspect rot and rebuild them. This condition also throws the engine and O/D alignment off contributing to the wear of the coupler splines.
Carefully check the floor, stringers and transom while the engine is out. They need to be solid--look for rot on the lower half of the transom and stringers; a common problem on old boats. The transom can be replaced from the inside by removing the fiberglass enclosure--more to it than that. Same with the floor and stringers.
If the fuel tank has a side fill/vent and the lines are under the floor, they are probably swollen, possibly seeping fuel into the foam and need replaced. The floatation foam may also be fuel and waterlogged after 20 years. It adds weight and causes mildew and floor and stringer rot. Check them carefully and fix it now while the engine is out. I replaced my tank and put in a rear fill/vent type tank due to those problems.
The job you are tackling is greater than you think. Once you start finding little problems, you begin to uncover a plethora of them.
Everyone on this site will help you with the project; just ask a question. Make sure that anything you do is according to Coast Guard regs. since it is for you and your passengers' safety.
Good luck. Guy"