BMW D190Z on Craigslist

Have an opportunity to buy the engine. 165 HP. It is closed loop cooled. What is needed to complete the "loop"? Currently have a a 225 hp Chrysler Marine gasser hooked to a Volvo Penta outdrive, raw water cooled. Can a sterndrive be mated to this engine? I have no experience with closed loop engines. My boat loaded is around 6K lbs., 28'. Top speed around 25 mph. I usually cruise 15-20 mph on plane. I assume I will take a hit in speed but any advice on the feasibility of using this engine in my boat?

Thanks, Friz