Be just fine. Great and robust drives and easily capable of taking the 5.7 and more. You can replace an alpha for new, for the price of repairing a bravo or a VP DP. Keep the oil fresh each year with the high performer oil and you’ll be good. Huge variation of props to choose from too.
As for the cooling system. I’m not sure I’m aware of a GM engine that has rotted through. That’s in their entire existence of likely 40 odd years or more. The key is to keep them full of antifreeze in the winter to stop cold corrosion. It’s when they are empty they can rot inside. The exhaust and risers are the only bit that is affected. They are a consumable part though.