Are the exhaust flappers intact and installed correctly?
Do you see any leaks around the joint between the exhaust elbow and the exhaust manifold?
does this boat sit very low in the stern? You need 13-14" between the static water line and the tops of the exhaust elbows to prevent water from spilling over into the cylinders.
A blown HG can let water in but usually it won't be all the cyls, maybe one on one side, depending on where its blown. I had this on mine 3 years after an overheat.
I might pull the boat out, remove the exhaust manifold/elbow as a unit and test them. Prop it up level hook up a water hose to the inlet and run water through it for a while then shut it off, see if any water drips down to the exhaust ports that mate up with the cyl head exhaust ports.
If they pass, then you have to go further. There is a way to check for bad head gaskets, what you do is replace the manifold feed hoses with clear hose. Put the boat in the water and run it till the engine warms up, and the thermostat opens (160-165* on the gauge) get someone to run the engine above idle speed, and see if you see air bubbles in the water flow out of the thermostat housing to the manifolds, if so that's a sign of a blown HG or cracked head. Exhaust gas getting into the cooling water. To pull the heads on one of these is not a bad job especially if it was used in fresh water. Usually with overheat damage on a Chevy small block the heads can crack and/or damage the head gasket but the block should be OK.
Was the boat always winterized properly? Cracks can certainly be a result of bad winterization practices too.