If it was me, I'd look around for a new engine. I'O's aren't that hard to change out and the cost of a replacement might be less than doing a band aid fix on your present one.
OMG! (That's the name of my 1986 20'er) is sitting on her trailer. Was supposed to take her out and shake the cobwebs outta the Yamaha engine this past weekend. Too hot. Maybe later this week. We're supposed to get some rain tomorrow and Wed and break the back of this heat spell, so who knows... 
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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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