With 67000 posts since 02, and a moderator, I would think you are very knowledgeable.. I can put this on a separate post if you think I should. I need to make a decision so let me tell the story.
A guy who was about 68 yrs old, 12 yrs ago, bought this boat and it ran good at that time, he said. He never got around to doing anything with it and it sat in a field next to the treeline for 12 yrs, untouched. When I got there a large branch had fallen on the transom. I cut the branch up with a chain saw and got rid of it, put a couple of new tires on the trailer and pulled it home. The seats, wood trim, cabin, and cabin floor all good except for a little area about 1 sq ft on the cabin floor that is rotten below the hatch.
I cranked the engine thru with a short ratchet - definitely not seized up. The oil was black and full with no rust or evidence of water on the dipstick. With the plugs in it had normal compression resistance for a 4 cyl. I installed a carb rebuild kit, OEM plugs and wires, starter, alternator, points, rotor, and cap. I started cranking it over and it was firing at least on some of the cyls. then bam, the timing belt broke.
I ordered a new belt kit with tensioner. Upon removal of the components I found that the spring guide was rusted apart where it connects to the tensioner. I also have a new thermostat, fuel pump, and fresh water pump. BTW I got the fresh water pump bolts out with an easy out. (from previous post.).
So anyway here are a few more pics. I can see how the two I sent before left a horrible impression. Maybe these will too. However, I was really wanting to get an opinion if this so bad that I need to
1) just sell it as is and move on
2) get the new spring guide and stud and cooling pipe seal kit and put it back together
3) buy a rebuild if I want to keep the boat
If option two would work and it has good compression and runs fine I will probably sell it to recover my losses and maybe make a little money. I bought it for $500. I have another $400 in it.
This is asking a lot to expect someone to absorb all this info and advise but it would be extremely awesome to get some professional advice.