Volvo Penta 4.3GL - Help bring motor back to life

ssquare14

Cadet
Joined
Aug 3, 2015
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14
Specs:
2001 Four Winns Horizon 190
Vovlo Penta 4.3GL PEFS (Black engine)
SX-M Drive Unit


Difficult to start (some grinding and whirling, about 5 seconds of starter needed).

At Idle: Rough idle until upon start. Milky oil on dipstick(main concern). No knocking, but sounds "off" to me

When running: Periodic high oil pressure. Periodic Temperature spikes (alarm). IR Temps on risers read around 120-140 after heavy throttle. Decent power: will hit 30-35 mph but I feel like it should have a little more kick (iboats test review says 48mph top)

Boats History:
Purchased the boat used from single owner. He said it was winterized, but it had sat for a year. Judging by the interior and holes in the boat cover, he failed to remove the plug and the boat filled with water when sitting (until he removed to sell). Compression is around 175 in all 6 cylinders.

Work so far:
Drained oil and it was mostly water (~2-3 gallons) that had separated from the very thick yellow/white milkshake oil. Performed 6 or 7 oil changes with new filters to purge. Still a little milky, but much better than it was (I could see it getting lighter each time).
Trickle charged (fairly new) battery
Marvel Mystery oil in the carb and cylinders
New Sparks, wires, distributor cap and rotor
Replaced fuel filter, pumped a few gallons of bad fuel and fueled up with 93 oct (20gal) + can of seafoam
New Temp sender (gauge wasn't reading prior)
Inspected water lines for blockage - Inspected impeller (looked okay - will replace next season)

T-stat on its way (hopefully to solve temp issues)
Starter on its way (assuming the water in the bilge corroded the solenoid - hoping flywheel is good)
Carb needs cleaning
Main circulation pulley has slight wobble that needs replacing

Where a cheap boat turns into expensive boat:

I am fine spending money to replace all the maintenance parts that should have been done, but I fear bigger issues. From what I have read, I need to do a leak down test to check for cracked block, or blown gasket. What am I looking for? What are the usual suspects?

Should I expect the oil to be completely clean, or should I expect some milky oil remnants?

Safe to operate on the weekends in the meantime? Its mid-summer and I plan on having the boat for a year or so.
 
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