As it has been said, it is unclear if this motor has been built for marine use.
So, first thing is check for brass freeze plugs, which has also been said.
Ask if it has inconel exhaust valves.
Get cam specs. With a 461 and 10:1 you can run, for example, Cranes hyd roller 139741 but I would suggest nothing higher.
10:1 is fine, and quite frankly suggested for that cam, as long as you're trailering.
That way you can fill up at a regular gas station and get 93 octane. Don't go above 32* total timing. My opinion is you'll be fine. If you can get Sunoco Ultra 94 you can run all 36* of timing.
I don't trust marinas as much.
If you want the full effect of that motor exhaust is really a must.
The above cam is the absolute biggest I would suggest for a 461. It's a 234/242 112 .610/.632 and has 14* of overlap at .050.
That's plenty to cause reversion if you don't have good exhaust.
Also check the ring gaps and bearing clearances. As long as their not way outta wack you can most likely use it for a boat.
And last, make sure that is has Fel Pro 1027 or atleast something similar.
If you do decide to buy it, just lube it up real good and put some oil in the cylinders, prime it with a priming tool, turn it over by hand a few times, with the oil in the cylinders, (spark plugs out) and if you want to go an extra step, turn it over a few times with the starter and no fire to it.
As far as the comment of the valves sticking to the seats, if the builder has any clue, you always put oil on the stem and seat of a valve when assembling them. So, I wouldn't worry too much about that.
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