I have a 28' Sports Sedan with twin 318's.  Engines were most likely
overhauled in mid-90's.  The boat sat for many years, ran rough for a
while and it was not until late this summer that I got the engines
working well and could cruise at 2800-3000 rpm. (19 - 22 mph speedver
land at that rpm).  After a few hours of cruising the starboard engine
started smoking when I returned from a fishing trip.  The compression
was 120psi+ for all cylinders except #4 which was low at 60 psi.  I
pulled the heads and found that the head gasket had failed.  No water
in the oil just oil in cylinder #4.

I was planning on replacing the exhaust manifolds/elbows and risers on
both engines this winter which is not going to be cheap.  Now I'm
faced with the decision to repair/replace the stbd engine as well.  My
mechanic recommends repowering with new 350's and reusing the
transmissions (approx $22k).  To install a rebuilt 318 would cost $8k -
$9k, including exhaust parts.

Anyone with experience in this area?  Will the 350's be more
economical, provide more speed or be easier to maintain over the life
of the boat.  I'm trying to talk myself into spending the money to
repower the boat and enjoy expensive but some hassle free fishing.

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