You already bought it. You have buyers remorse.
Worrying about what something cost 15 years ago after you may or may not have over paid is like worrying about a grenade after you pulled the pin and tossed it.
I bought a used boat 15 years ago, sold it 3 years later for 85% of what I paid...
only one boat out of about a million only had a soft deck and not need transom, stringers, and new foam.
all the information you need is in the stickies at the top of the forum. 4th sticky down, links 14, 15, 18, 2, 3, 4a, and 4b.
no need for epoxy
based on the pic......that transom is rotten. only way to stick a screw driver into a good transom is with a 5# fist maul. take a 5/16" drill bit, drill into it about 1" deep from the inside at a few places. bet the shavings come out dark, wet and smelling like rotten mulch
easy way to check the transom. get two heavy buddies nicknamed tiny, trim the motor up fully, both jump up and down on the lower unit.
there should be zero transom flex.
dont worry about hurting anything, a good transom will take 1500# or more of load
additionally, if there is an aluminum...
1 - NO
2 - depends on the type of corrosion
quality tinned marine wire would not corrode like that, however cheap wire does. unfortunately most boat builders use cheap wire because as long as the boat lasts longer than the 5 year warranty period, that is all that matters. boats are designed...
any rot in the transom means the transom must be replaced.
because years before there is rot, there is moisture and the mildew and fungus that eats the wood is already there
Light reading. https://forums.iboats.com/threads/complete-history-of-the-4-3-liter-with-casting-numbers.693935/
the 87 is a gen 2 4.3 - non balance shaft, 1-piece RMS
the 95 is a gen 4 4.3 - balance shaft, 1 piece RMS
the 87 will need the squishy engine mounts because the motor shakes like a...
second the head question
if the PO didnt have a short block, building a stroker is only a few $ more than a stocker
a few of the accessory holes may have changed between 1985 and 1973.
Need to know specifically what heads you plan on running
you will need marine head gaskets, and your...
if you have enough warpage to cause a vacuum leak, you would be pouring fuel out of the bowls and metering block into your bilge
99% of the time its dirt in the down leg boosters
did you chase every passage with a piece of fishing string?
are the emulsion tubes clear?