either a comp cam or crane cam.
nothing more than 264 degrees of total duration
if you have stock heads, nothing more than .450" lift (check your rocker arm ratio)
I would go 5.7 myself vs a 5.0. I would also jump to 96 and later vortec heads.
go one step further. all outboards under 40hp ARE Tohatsu. just with different cowls and decals. Tohatsu makes motors for everyone.
the mercury branded Tohatsu's get a few mercury specific things like the pull rope handle, etc. however as Matt mentioned, the motors are all equal (because...
is it coming out of the plastic over-flow tank? if so, drain your cooling system and pressure test (easy as hell on a 470). you probably lost the head gasket.
if I did that, would take the truck and probably drive round-trip in one shot..... its a posibility. I have driven to Colorado and back for a 1953 Chevrolet cab and front clip.
shipping the front bumper alone from the GM site is $290. plus, they dont actually have inventory of a GXP cover. the ebay rear cover is in worse shape than mine. for $700 also get the misc brackets, grills, panels, etc. that got smashed/bent.