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Your thoughts: How catastrophic was my 305 engine failure?

On a scale of 1 - bad10:

Very brief Scenario: First time running the (used) 305 engine.

1) Checked oil before starting, checked coolant in heat exchs.

2) Cruised us for 20 minutes at 2500 rpm- twice felt the exh Manifolds - cool enough to lay hand on.
3) Gauges -- Oil Pres, 40-45 Water temp: Barely up to 120 (tho now uncertain if they're working) Speedo 22 mph
4) After 20 mins, pushed up the throttle slowly to see my maximum RPM (4,500)
5) Was there for 10 seconds when engine slowed to 4200 when pop-pop-pop - engine stopped.

6) Oil in bilge; engine block very hot; whisp of smoke streaming out of carb. Engine seemed to stay hot for hours.

Your thoughts what I might have done?
 
Ayuh,.... I suggest ya Diagnose the problem, rather than askin' for internet opinions,.....

A compression test might be tellin',....
 
I agree with Bill.
Before tearing into it, in addition to a cylinder pressure test..... perform a cylinder leak-down test!
The leak-down test will help determine where a problem may be!

.
 
Background???
Age of engine?
Presumed raw water cooled based on jacket temps?
Age of raw water pump impeller?
Last time engine ran OK for you?
Do you live where winterization is indicated and IFSO was it properly done?


While diagnosing...
Quantity and quality of oil in crankcase?
 
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