Never an easy answer for this dilemma. Personally don't see a lot of good experiences with larger V6 engines that are rebuilt, I'd vote for a new power head or new engine altogether, course it's not my money. If you like the boat and are content to keep it for many more years then putting a newer engine on an older boat is justifiable. If you plan on selling or trading it within 5 years you won't recover enough added value to justify the expense of a new engine, but again, it's your money. The absolute right answer differs with different people and situations, hope it works out for the best whichever way you go. Let me know if I can help in any way, I'd be glad to run the traps for used outboards or left over new ones if that helps. And I'd blame it on Dave if I were you.