New member, new V20 owner

[Cali-V]

Hey guys I thought I would join the forums and say hi since I just bought an '82 V20. It is a bit of a basket-case but overall a good boat.

The good: I cannot find any rot or blisters, nice gel-coat below the rub rail, V20's seem to be a little harder to come by here in southern California so finding this one for a mere $400 w/trailer was awesome!

The bad: ugly paint above rail, missing cuddy door (The slider still there in good shape though) rod boxes both cracked and one not even mounted (seems typical?) and a few other things one would expect of a nearly 30 year old boat.

The ugly: Yes, why the boat was so cheap! Number 1 piston is pretty much melted and now rusted to the cylinder wall. The previous owner said it over heated in his driveway while flushing it out. He thinks the water pump caused it and it does make a horrible "nails on a chalkboard" screech when turned. However I am worried it could have been an impeller/outdrive issue.

Which brings me to my question, rebuild, repower, outboard on bracket? the motor is a 350 mated to an OMC 800. I have no experience with the OMC but have not heard great things plus parts are expensive compared to Mercs. I should mention I have experience with mechanical/structure/fiberglass work so I am not too worried about the work involved. So what would you guys do? I am leaning in the outboard conversion direction but a rebiult motor and going through the outdrive might be the least expensive. The boat will mostly be used for bay and inshore fishing here in San Diego.

Thanks!