I converted a I/O to outboard in 2004 and believe me you will need them!
Nice motor you are getting there I have a F225 Yammy and its great!! But they are hefty on the rear mine 600+ pounds!
On re power of the old boats i a;ways recommend ETec as they are a nice and the weight is great for the older boats that were never meant to carry these heavy motors. Even my 1984 23 footer yis a bit low in the water with that 4 stroke
good luck
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1986 V20 
Old Fishermen never die, we just SMELL that way!!
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