One other thing... Unless the transom on your boat has been reworked, I'm pretty sure it should be a 20" transom. Might just be my old mind having a brain fart, but I thought that they were 20" until the early 80's? Maybe someone else on here can shed some light on that?
As far as the engine itself goes, those old "tower of power" engines were awesome. Like Smoke, I also have an 1150. It's just sitting in my garage right now, waiting on a boat to put it on.
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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