https://www.crowleymarine.com/1/OMC-...Drive/1987.cfm
Yes the Ford 460 was available in 1987, the difference between this model and the standard Cobra was the upper gear housing was the same but the lower gear housing was the larger V8 outboard gearcase. The issue with the 460 package is parts availability. Not only are some parts hard to find for the KC lower unit but the engine couplers and exhaust manifolds were not available for years. I doubt the normal Cobra would hold up to the torque of the 460, if so OMC would not have bothered to install a different lower unit on production drives.
If you have not bought this boat yet I would probably pass on it unless you can afford & rationalize to swap the entire power package. The Wellcraft Nova is a great boat, if this one is structurally good I'd swap the entire power package to something you can get parts for, either Merc or Volvo. Chasing parts for something that's 33 years old will get old in a hurry. BUT if you are hell bent on getting this boat and keeping the 460 for a while at least contact All American Drive service in Michigan they may be able to source a drive for this application and can answer the questions you may have.....