Re: Need some info on engine/drives
The 3.7L Merc goes by several names - the "470" being the most common I suppose. It is a unique creation by Mercruiser that married parts together from different sources. Many will bash it, some with defend it - but since you are looking to buy a boat, it is simply one to avoid.
The problem with OMC is they have been out of business for over ten years now and it is becoming more and more difficult to find competent mechanics to work on them. Again - since you are looking to buy a boat, it is best to avoid OMC entirely - unless they are common in your area and there are mechanics who know them.
Bottom line - Best to stick with a Mercruiser or Volvo - but avoid the Mercruiser "470."