Engine is now back in and running fine. We had real problems trying to find the correct intake manifold gasket, see my post here http://www.mastercraft.com/teamtalk/...ad.php?t=52328
But once we got the right gasket it sealed fine - and now no water loss (we had to change the oil a few times to get the water out of it). We've also stripped out the rudder seal and fitted a new one and also a new prop seal (have gone for the new style Mastercraft one that is water fed).
Just waiting for a not too cold day, with flat oceans, to take her our for a shakedown and running in of the new engine. Still got some work to do in polishing everything up, cleaning the hull (which has barnacles on it still from the previous owner), and some work on the stereo. But fingers crossed she'll be in working order for late spring / summer - whenever it finally arrives here in England.