the base motor doesnt know its in a boat. especially the heat exchanged motors. the only difference between a heat exchanged boat motor and the motor in a volvo car, one has a radiator, one has a heat exchanger.
the pistons, rods, bearings, and most gaskets are the same.
regarding aligntment, AQ series have the PDS (Primary Drive Shaft) housing bolted firmly to the motor and aligned on the dowel pins. this shaft goes from the splined coupler thru the transom to the input shaft of the transmission on the outdrive.
the alignment of the motor and transom shield is such that the 3 raised pads on the PDS at 3, 12, and 9 oclock position should all be equally spaced from the transom shield
there is no gimbal like later drives or the mercruiser. there are the two u-joints and there is the steering helmet. however the u-joints are the same from the small 4-cylinders to 8.2 liter V8's
regarding a cam. Volvo already has the most aggressive cam you can put in a marine engine with wet exhaust. you cant go any more aggressive without reversion. if you need to replace the cam. you need to replace it with the same.