1988 Evinrude 225 experts needed!

A few questions guys,

I'm looking at a V20 CC powered by a 1988 Evinrude 225. It has a very recent "new" powerhead, plugs, wires, pumps etc.

So...
Good motors overall? I asked a local mechanic and he said they are strong, but thirsty... sound right?

Is this probably a "looper" engine?

Any other info on this engine would be appreciated. I am sure it will have plenty of go on a V, but I am not as interested in speed as I am reliability and some economy. Any idea on what the motor should be worth? NADA is $900 but the recent work is obviously not included in that estimate.

Thanks guys, alot of questions I know ;D