Re: I know it's bad news, but how bad?
Common problem with the 4.3. Impeller goes out and takes the heads with it. I have worked on quite a few of these. Replace both heads, they are almost certainly warped. You need to make sure that anytime that motor is turning over there is a supply of water going to it. It takes just seconds to shred that impeller and that is the most common cause. Make sure you use a marine gasket kit other than that it is not a bad job, good luck!
Common problem with the 4.3. Impeller goes out and takes the heads with it. I have worked on quite a few of these. Replace both heads, they are almost certainly warped. You need to make sure that anytime that motor is turning over there is a supply of water going to it. It takes just seconds to shred that impeller and that is the most common cause. Make sure you use a marine gasket kit other than that it is not a bad job, good luck!