Re: question is a 1988 4,3 cobra a reliable motor??
I would say move on. That's a decent amount of boat to push with a 4.3. I have owned Merc 4.3LX (now) and I had a 4.3 OMC in the past, having owned both, I would stick with the Merc now simply because OMC is no more. But, and people disagree with me all the time, but I liked the OMC. It didn't seem to porpoise as much and was quicker out of the water. And that was on the same stats boat. My first Rinker, a 88, had the 4.3 OMC King outdrive and it was great. My current is a 92 4.3 Merc. Same 206 Captiva, same weight, etc. The OMC was faster.
Anyway, they are correct above, it is a buyer's market, spend the time and don't be afraid to pass up what appears to be a great deal.