the first v20 I ever rode in had a 305 mercruiser at 200 hp. Nothing wrong with the 305, if you ever re-power, you can generally re-power with teh 350 for the same or less money. BTW, they all use the same accessories, so everything will bolt up between the two. Aussie, i don't think they ever used any of the alloy block or heads in small block chevy marine applications. I've seen LT1 and LS marine conversions that used alloy heads
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