I have an ‘85 and had the same issues as Dschaffer. I did all of the work myself (with some timely advice from Spareparts). If you get into that or decide to buy a new heat exchanger, let me know and I’ll help as much as I can.
Particularly the heat exchanger - I got mine at about half the price the Mercury dealers wanted. They’re manufactured out here in Washington state and I think I can find the contact info. for the guy who shipped it to me. It was like $500 instead of $1000 - something like that.
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 Scott, Portland, OR '85 V-20 I/O, Merc 170
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