Short answer is yes for lake erie
But what do you want to do on lake erie?
fish, float, ski, overnight etc?
Pound thru 6ft seas and squalls or fill it to the gunwales w/ fuel and spend the whole summer offshore and afloat, probably not the right boat.
WHAT about the motor? Boat's aren't like cars, look at the posted brochure from 64osby, there were 4 engine combos, 2 each from 2 different manufacturers, available in 1986, those 4 were probably available in 1987/8 too.
If you want advice about the motor, gonna have to provide info about which motor combo his boat has.