Re: AQ131 or AQ151?
I have to admit, I haven't put much research into the differences between the engines. Go to the adults only section in this forum and go to the volvo info page and download the service manual for the motors your looking at. They share the same manual. The manual lists the different specs on the two motors. You can also go to the volvo parts section and compare part numbers to see which parts the motors share or don't share.
Even if they shared the same block, you'd still have to get the carbs and intake for a 151 as well as any parts that the two motors don't share. I guess, being a practically minded type, I wouldn't worry about the added horse power, it's not that much. If you want better performance, play with the prop or buy is boat with a V8.
I would also encourage you to make sure your boat is worth the investment in the new motor. I think $800 is a lot for a used long block. Remember, if it's a car motor, you'll have to switch all the parts from your boat engine including the camshaft. And since you'll have the engine torn down, you may as well have it checked over by a machine shop, etc, etc...