That's a great engine. I have the same one. I love it. I would feel sad if your's ended up at the bottom. Reinforce it at the very least. (Big metal plates) But really, wet wood is never a good thing and flex is even worse. It may hold for the next ten years, or it may go tomorrow morning while fishing. Why take the chance?
I just scrapped (another) boat that I bought that had a transom that let go while the boat was being trailered home. Why the engine didn't wind up in the middle of Interstate 80 is beyond me. Still, that guys loss was my gain. I got an engine and tandem trailer for free after selling all the other things I stripped from the boat before scrapping it.
Two guys died last year in NJ when the transom on their boat let go and the boat sank. The moral of the story is don't let maintenance slip. If something needs repair DO IT!! Enough said.
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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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