Was a little hesitant to pull the motor just to clean things up and look things over but I’m glad I did. I could poke my finger through if I pushed real hard
Take a close look at the timing cover. The area under the harmonic balancer was never painted. Get a new one. Powder coating is also a good way to protect the sheet metal parts including the valve covers. Are the belt running surfaces on the pullieys in good shape?
I've sprayed my pan, timing cover etc every few years with Boeshield T9 or Corrosion X. So far so good, even in a 100% salt water environment kept on a mooring....15 + years worth....