Here is something I posted a long time ago to a 470-curious member that you may find relevant...
Maybe you know of these, but here are some typical upgrades and things to watch for with the 470, all of this is from posts here in iBoats..
External alternator upgrade.
The 470 uses the same type of charging as an outboard with magnets and stator, with a water cooled voltage regulator. I am probably not getting it quite right, but a very common upgrade is to install an actual pulley driven alternator internally regulated. You need to dig in a bit and scrape the magnets off the back of the balancer, as even though they are no longer used (after this upgrade) they can come loose and sometime even bind up to where the engine won't turn.
4 inch heat exchanger.
Yours may already have this, but if it is just the 3 inch then changing it out for the 4 inch is a very good idea and worth the effort. A common demise of the 470 is an overheat, and the head can warp, lots of things go wrong as fallout from the event cascades. With the aluminum head and iron block, and the head floating with no dowels or other locating help this is one thing (bad overheat) that can cause high dollar fix due to hard to find parts.
Cam bearing seal leaks, another very common epitaph on a 470's tombstone.
The front cam bearing sealing components almost always eventually fail I guess. There is a speedy-sleeve fix, all I have about this is from reading some very sad posts here. If caught in time while it is just weeping, the speedy sleeve fix can save it. Just depends on how long the engine has been run as water is entering the oil pan the whole time.
I may be leaving some small items out, and of course your mileage may vary. Another common upgrade is electronic ignition, again searching here can produce some success stories in each of these areas. Some guys here run these very successfully. While you need to be mechanical, when you stay ahead of them you get a lot of power and reliability out of them.
Good luck with you project!