here are the fundamental design issues on the 4.3:
- soft cam snout, leading to leaking seals at the water pump - fix is speedy sleeves or having the cam removed, welded up, and re-ground. this is the number two problem with the 470. every one will suffer this problem
- stator in harmonic damper for charging, however external voltage regulator cost more than the engine - solution - external alternator conversion. In theory a great design, in practice, however the $500 regulator is a serious achilles heel. this is the number three problem. not every one of them will suffer this problem.
- alloy block with floating bores and steel Ford FE head - requires a heat exchanger. first few years had smaller HX, however if a fish swam by the boat, the motor would over-heat and spit the head gasket. solution - 4" HX. This is the number one problem - every one needs the upgraded HX
- alloy block with floating bores and steel head - coeficient of thermal expansion different enough, head gasket will continue to be a problem. - only OEM Mercruiser head gaskets actually seem to live. This is the number one problem. Every 470 will have its head gasket replaced.....often.
- floating bores. did I mention the floating bores....... this is the number one problem.
anything more than a 10 degree rise in the coolant temperature - the head gasket will spit. this could be from sucking up a bit of silt from the water, a leaf blocking the water pickup, running in aerated water, or a larger fish swimming by
as for the corrective action on the block/head, etc. an edelbrock head for the 460 can be adapted by drilling a large hole for the 90 degree fitting. this takes care of the differences in the thermal expansion. a bore girdle can be added, however requires a laser cut plate and some machining prior to welding in the girdle.
if you plan on a small block, remember, you will be unbolting everything and replacing everything as the gear ratios for V8's are different and the input shaft of the drives are different between in-line motors and V-motors.
Did I mention the floating bores?