Re: MCM 170 3.7L Water Pump Seals
Howdy from Canada!
If you're half-way good with wrenches you should be able knock this job off in a day. Haven't done it myself, but I've read some about it.
Here's a link that'll walk you through it.
http://www.sterndrives.com/470information/470coolantleakrepair.html
Also, there's a forum - if you don't already know about it - called 'Breezeworks' that's full of '470/Merc' owners. Lots of help and good people there.
I was on it for a year or so until I sold my other boat. If you address the major issues with this engine - and you can - you'll have yourself a screamer of a 4-banger. If you don't have the 4-inch diameter heat-exchanger, get one.
I remember this guy from the States who kept us all aprised of his 470' re-build project a year or so ago (he had the 4-barrel version). After doing all the regular stuff - rings/mains/rods etc. - he ported/polished the head, added Scorpion roller/rockers, Petronix ignition conversion, alternator conversion, and he figured (without Dyno confirmation) that he's pushing 225/hp or better at the prop.
Now that is a power-to-weight ratio tough to beat in a sterndrive.
Good Luck