Gentlemen,<br />I purchased a 1989 Sea Ray 160 with a GM 4-Cylinder motor and OMC Cobra outdrive. The boat was a barley running project boat and it appears that the motor and/or outdrive are not original. My problem is that the valves are very noisy and the oil pressure fluctuates from 40 psi (usually when cold) to 10 psi. The oil pressure is pretty stable at ~40 psi when the valve cover is removed. When on the water, the motor runs well up to 2500 RPMs above that the boat does not move any faster and the motor sounds like it is going to throw a rod. The boat is also usually hard to start (engine turns slowly) when it is hot. The highest temperature that I have seen on land with a garden hose attached is 180 degrees, in the water this time of year it usually stays under 150 degrees. I have also noticed oil in the bilge but I have no idea where it is coming from. Compression is between 131 and 150 on all four cylinders. Thanks in advance for any assistance.