I did it. I repowered my 1994 old/tired/overheating 235hp 5.7 to a 2006 Mercruiser 350 magnum (300 hp) which was salvaged out of a fire damaged boat. Some of the wiring got burned and the engine was pulled out, disassembled, and sold to me in pieces as a long block. Oil pan and heads were off and internals looked great. The engine only had 90 hrs. and still had the crosshatch pattern on the cylinder walls. I assembled it and bought a marine vortec intake manifold. I sat the old and new engine side by side and transfered over all the brackets and accessories. I cleaned the carb and bolted it on. I re-used all the old stuff. Starter (1 yr old), distributor, wiring harness, water pump, etc. The vortecs don't have mechanical fuel pumps so I had to get an electric one. I had to rig up a manual choke also. It ran awesome for 2 years and then I sold it. My cruise went from 24mph/2.25mpg with the old to 30mph/3.4mpg with the new. Also with the electric fuel pump and manual choke it started just as easily as any modern car and I could immediately release the choke after it started.
I lowered it in the boat, plugged it in, hooked up exhaust and everything, set the timing, and all was great. I did the whole repower for about $1200 including gas to and from Fl. from NC.