Re: 1986 OMC 3.0/cobra water inlet
If you find no additional damaged or worn parts to replace once you have it apart, at the very least you will need some new gaskets, o-rings, and sealants. There's a possibility you may also need a water tube, water tube seals & guides. It may also be a good time to replace anodes if they are in poor shape. Get yourself a (factory) OMC service manual. It will tell you what you will need and which sealants and/or lubricants to use in specific places.