Re: 1979 Chaparral 167 w/ a mercruiser 140
So my best bet would be to find another mercruiser 140?
To fit in the same hole, yes.... There were only 2 engines with that footprint, the 120/2.5litre and the 140/3litre... The next engines up (slightly longer, but still mounted at the front, like the 120/140) were the 470 (discontinued in 1989) and the in-line 6 ('165', discontinued in 1981), after that you end up in the V engines. So, yes, your only option without extensively modifying the hull is another 140...
And before you ask, no, there is very little you can do to increase the output of the 140....
Chris.....