Re: 3.7 mercruiser rebuild or replace
The rebuild or replace I answered in your other thread.
You can upgrade to a V6, but it won't be easy.
None of the 3.7 parts will work on the 4.3, so you will need EVERYTHING including the complete exhaust system and Y pipe that hooks to the transom shield.
You will have to make stringer engine mounts as the 4.3 doesn't use the front mount.