"First of all, make sure you g
"First of all, make sure you get the boat surveyed. Pay special attention to the condition of the hull (blisters, cracks, etc), stringers, floors, transom and fuel tanks.
If the boat is in running condition, you may want to consider taking it for a ride and see how it feels. If not, I would start doing a compression test and a leakdown test. The beauty of the 350s is that they are strong engines and parts are abundant and reasonably priced if you need to rebuild them. I got one rebuilt by a reputable shop in Nanaimo and paid over $3000, but I made sure that top quality components were installed (so far I am very satisfied with the results). If the boat has not run for a long time, chances are that you will have to replace manifolds and risers (put about $1500 aside for this for the Sierra version). Also, you may want to check the condition of the exhaust Y-pipes, they tend to corrode where they meet the risers, and they are over $1200 a piece. And the transom shields have a tendency to get electrolitical wastage around the bilge; unfortunately, the only reliable way to check for this is to pull the engines and bellhousings.
Rebuilding a bellhousing is cheap, it only needs one ball bearing a two lip seals. Well worth doing if you pull the engines.
The outdrives are probably 280s or 290s, and they are virtually indestructible. You may have to replace the u-joints and should consider paying attention to the condition of the seals.
Just one note of warning: be careful with projects. I finished a couple of months ago repowering a 22' Double Eagle (changed from Ford 351 to Chevy 350) and even if I am very satisfied with the results, I don't think I would do it again if I knew in advance how much work it entails and the total amount in the final bill."
