Is the current 470 an MC1 or later? If MC1, then the 165 is the only option if you're staying with the current drive and transom assembly. If it's R or later, then the 165 is only an option if you put a later 3 litre flywheel housing on, but the 4.3 becomes an option. Best of all, just replace the whole shooting match with a late model 4.3 complete package.
Chris........