If you’re a wooden boat guy, you know the drill already. I’d get the engine out, and see if the intake, heads, exhaust manifolds, etc will come off without breaking any frozen bolts. From the sounds of it, getting the valves out might be a problem. Down to a short block, you’ll be able to see what’s there, and if it’s worth going any farther. I know the old trick with flatheads was to put them in a barrel of diesel fuel and let them soak for 6 months or so.
Once it’s out you’ll be able to check the casting numbers, main caps, etc. and see what it is. All y blocks are 312’s of course, just like all scrubies are Vette engines.
John Mummert’s site has a pretty good selection on casting info, and how to identify the real 312’s. I don’t know there’s much on boat engines. Here.
http://www.ford-y-block.com/Depends on what you can salvage, and maybe there’s a good 292 local to you to swap the marine parts onto. Otherwise, on a budget you’re looking at an engine change to a more modern power plant.
As a kid with my Dad, I was involved in 27 marine engine changes, mostly twin screws in the 36-50 foot range. Several Chris Crafts, and Owen, and others. The smell of varnish, no matter how pretty it is, still runs me away.
miker
55 bird, 32 cabrio F code
Kent, WA
Tucson, AZ