The engine model number is 502APRJVB. The current Cobra outdrive model is 983844. Additionally, is it possible to replace with a non Omc cobra outdrive such as a merc bravo?
You have what some would call a "Plain Vanilla" Dog-Clutch Cobra. You can swap the drive to an SEI drive using a conversion kit and an SEI drive
Google "Sterndrive engineering Cobra conversion"
I also think you can buy the kit and drive drive right here on iBoats.
Yes you can also switch to an Alpha or Bravo drive but if you choose to go that way, you MUST change EVERYTHING. I.E. ENGINE + transom mount + drive.
Also, if Ford, the engine will have to have Mercruiser "stuff" on it ..... (manifolds, risers, flywheel housing, shift bracket, alternator mount, starter, to name a few)
If you just go out and scrounge/buy all the "stuff" you'll spend a fortune unless you can find a damaged/rotten hulled boat to buy the otherwise good engine and drive.
The cheapest path would be to simply find a used Cobra drive, they're still around but you're "rolling the dice" if you buy a used one.
The SEI conversion + kit will cost nearly the same or less than buying a rebuilt/REMAN Cobra drive and I think they still offer a 3yr "no-questions-asked" warranty.
Unless you can find a "sweet deal" (damaged) boat with a good Mercruiser engine/drive, your best bet might be the SEI drive.
If it were mine, I would opt for finding a complete Mercruiser engine/transom/drive package. Lots of them out there. FInd one with a GM engine maybe newer than about 1996 or so. Even a V-6 (4.3L) package would work well since it's similarly powered