it pretty easy to convert the way I did. Look around in the local paper or ebay or want ad's for used bracket. You can get a good one for around the $500 mark.
New they go from $800 to $2000, depending what you want.
Easy to fill the hole if you have a good transom also.
As for the water in the oil could be a gasket if you are lucky!!
Are you raw water cooled?? I was and the head rotted thur and was getting water in the #2 cylinder and in the oil, The # 2 plug was rotted right off from the salt!
Go here to learn the easiest way to post pic here
http://www.wellcraftv20.com/cgi-bin/...num=1108430327
Anything else just ask!!