Re: 1984 four winns horizon 195
If the 470 is a solid runner with little to no work then it is a good engine and really don't need to replace it. It was Mercury's own design but uses Ford 460 rods, pistons and cylinder head. Good idea, being a large displacement 4cyl it was lightweight with good power. However they cast it with an open deck design so any time the 470 gets hot, it blows the head gasket..
That said, water in the oil and oil in the coolant tank, you have a blown head gasket or worse.