Seeing as how it's 18 years old in addition to all the normal checks, I'd also check to see if certain critical parts are still available, there are certain parts for some VP electronic ignition systems and EFI systems that have been discontinued (their catalog will say 'obsolete part') their way of saying you're out of luck. I've seen this with the ignition modules, the vapor chamber for the EFI, some engine computers, etc. Merc does the same crappy thing, 15+ years and stuff starts disappearing.
In this respect you are actually better off with an older boat with simpler systems (ie points distributors, mechanical fuel pumps and rebuildable carburetors) much of this stuff is all in the aftermarket so you won't be left high and dry. I can still get all of this stuff for my 32 year old OMC Cobra 4.3 but the newer ones that had electronic ignition and EFI are a real headache to find parts for.
Get the V/P engine model # and look up things like that, there is a link right on this site to the V/P parts catalog.
