If you do need an engine, heres al ittle reading for you regarding the 3.7L MERCRUISER engine. As to has anybody done one, I've only seen a handful of V-20's with one swapped in, and I believe tehy all said they were pretty underpowered, and only really suitable for calm waters. Your dropping back in power, and staying close to the same weight. The closest engine in power output to the 470 is the current 4.3L V6 which is the way most go for repowers when they give up on the 3.7L engine.
https://www.perfprotech.com/blog/tec...70-replacement
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2011 SUNDANCE B20CCR SKIFF, 2011 YAMAHA 90HP 4 STROKE, 2011 KARAVAN SINGLE AXLE ALUMINUM TRAILER, LOWRANCE ELITE-7 HDI, MINN KOTA RIPTIDE TROLLING MOTOR
2000CC HYDRA-SPORT 225+HP EVINRUDE SOLD
AND THE PINK JEEP!!!! R.I.P.
http://www.wellcraftv20.com/communit...ad.php?t=11664