most of the diverters on the market today will require you to upgrade the exhaust manifolds prior to using their kit.
as stated, that is a lot of money to spend on making the motor loud. there is no performance gains on your 5 liter.
to hire it out, use 15 hours and $150 an hour for a budget. then take the cost of all the materials, and add about 30% to them.
as a DIY, your looking at about $150-400 in carpet (quality range) , $100 in adhesive/hardware/tools, about $100 in incidentals, plus your hatches. so all in plus...
if you want a captains call exhaust or similar switching exhaust. break out your wallet. OEM pricing is about $2500 for the diverters, actuators, mufflers, tips, etc. aftermarket pricing is about $5k.
here is one of the more prominent manufacturers...
the water path on the old VP drive is from the side inlets and the bottom port in the casting, water travels up the pivot shaft. there are potential leaks at the o-ring on the bottom of the hollow pin, or the raw water casting at top of the H-frame.
from there, there is a molded hose that runs...
the motor or at least the exhaust has been replaced with one from Commander, which is now under the PCM umbrella. the commander motors were originally inboards used in early ski boats
the blue paint and the stainless exhaust manifolds with "commander" is the old Commander trademark
The staple length depends on what you are going through and what you are shooting into.
I use 3/8" and 1/2" staples
I would run the stapler close to 100-120 psi
Inspect the bellows every year when you pull the drive for the annual maintenance (check alignment, bellows, gimbal, and u-joints)
Does your 470 have the upgraded heat exchanger?
I had two old merc's that had sentimental value as they were my fathers as well, a Mark 7 and a Mark 20 that both were running, but needed help (ignition, carb, water pump, etc.). sold both for $225 to a canadian snowbird that restores them.
look around on AOMCI and see if someone else has...
the 8.1 came with stainless elbows. so you dont have to worry about the elbows BARR probably made the castings for Mercruiser as they are one of the OEM casting houses for Merc, Volvo, PCM, Indmar, and Ilmor.
Bittersweet..... Lost my good friend Jeff to cancer a few weeks ago. His widow offered some boat stuff.
Two ditch bags, wet suit, air horns, Bennett repair kits, dock lines, ski ropes, dock step, spare anchor, small fuel tank