Re: Advice on 470 Please.
You don't need the power steering, I never had it on my 20ft with the 470 and it was fine, just helps you build your arms up a little quicker.

It's probably not on there because when upgrading from stator to alternator, you either have to remove the power steering to fit it or buy a different mounting setup which causes one of the two to stick out and hit with the engine compartment cover.
Also, if you haven't, drain the oil and see if it's milky. If so, I'd pull the exhaust riser elbow at the back of the exhaust manifold and check to see if it's leaking by pouring water through the water jackets and see if it goes into the manifold side of the elbow. That thing rusts out and dumps exhaust water in your 4th cylinder.
I bought my 470 Boat for $500, non-running and let me tell you, it was the best learning experience I've ever had.... also probably the most stressful 3 months of my life, lol. It had everything wrong with it when I got started on it... bad stator, leaky cam seal, 3" exchanger, upper unit top gears trashed, bellows ripped, bad seals in the tilt/trim pump... it was a serious start from scratch but with the help of these forums, I got it on the water and it never left me stranded... even if I did have to stop 3-4 times on the way back to the dock to let it cool down. I probably put $1500 in it over 2-3 years and sold it for $1000. Best education I've gotten for that amount of money.