5.7 mercruiser

[twhrider2]

Newbie here asking for advise about the 5.7 Mercruiser. Talked with a seller today about his 87 V20. Good news is sounds like hull is clean and solid. Trialer is aluminum in good shape,new axles,hubs,tires etc. Bad news is the 5.7 runs great but has low compression on a couple of cylinders and two small cracks beneath a manifold from improper winterizing which leaks slightly but has been running this way for a couple of years. I realize this is not a lot of information as I have not yet looked at the boat, but mainly am asking if the 5.7 would be worth considering as a rebuild, replace or just plan to go with a bracket and outboard. So Spare,Skools,Reel and all w/ advise please fire away with opinions as I may go take a look this weekend. Price is 2K neg. Thanks in advance.
Ken