Mike, I have to ask: Why are you wanting to chang from a Volvo Penta I/O to an I/B on a 22 foot boat?
Am I missing something here?
I do read where you say "More Modern".... but Mike, today's I/O users are very familiar with the AQ series V/P as still being one of the best I/O's that you could want to own. Add the Duo Prop addition to this, and it doesn't get much better.
Just curious as to why you'd want to do this on a 22 footer!
Back to the 4.3L and your Velvet drive.
Any engine that is Borg Warner Flywheel Cover (bell housing in the automotive world) capable and offers a Marine Exhaust adaptation, can be made to work with any I/B transmission that is also Borg Warner pattern.
So there should be zero issues mating this engine to the 6 bolt B/W mounting pattern Velvet Drive.
This is a marriage made in Heaven.
Even the Volvo Penta I/O B/W drivecoupler will work.
You may need the the 168 tooth flywheel in order to work with a F/C mounted Starter Motor.
Otherwise, if the OEM postion starter motor would work for you, you can leave this
As Is and use the 153 tooth flywheel.
Here's a SBC Borg Warner pattern Flywheel Cover.
The starter motor position may vary, but the 6 bolt B/W pattern is pretty much standard B/W.
Not sure which Velvet Drive you would be using, but again, here's the industry standard 6 bolt B/W pattern.
(there may be a Velvet Drive that requires an adapter.... but I'm not sure)