I personally don't think the 3.0 will be enough. I haven't priced one lately, but the 4.3 used to cost more than the 5.0 V8. Check with ebasicpower.com or marineenginedepot.com If you can find a good used transom assembly and drive, you could install a new drop in motor. Look for later model boats that have had a frozen motor or damaged hull. Most people on this site will tell you to glass up the transom, bolt on a bracket, and mount an outboard.
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