Where is the boat located? The heads can be brought back pretty easy with a valve job and some oversized valves and reamed guides. As long as they are not cracked the heads can really take some abuse and still clean up because they don't have any internal oil passages the oil is fed through the push rods. The block could be a whole different story if it went under while running the rods may be bent and if the block won't clean up with less than a .030 over bore you need to pitch it. The cam is toast if the lobes have any corrosion on them at all, the crank is pretty stout and can be ground on both ends if the corrosion is just light surface rust. Also if the crank front and rear seal areas are badly pitted you can have the ends sleeved but at that point you should just look for a rebuildable core. Pull it apart and see what you got. maybe you'll get lucky but things don't look too good at first glance.
Last edited by blackcreek; 09-10-2012 at 08:21 PM.