Offshoreonly.com - Formula 206 LS

Picked up a Formula 206 LS for a song (3 digits). All wiring is intact, as well as the interior. The starter is only giving me 1 click and the carb needs to be replaced. Also needs the outdrive gone through. I picked up an Alpha 1 for $120 that can get rebuilt. Bilge, nav lights, trim tabs, work. Paint is good, and the boat is solid and dry. Shows 650 hours. The 5.7 has an Edelbrock performer intake, so someone cared a little bit about it at some point. No corrosion. I have an LS2 Vette and 350 SBC Camaro Z28, so I'm thinking about a 6.0 LQ4 with a closed cooling system. It looks like it lived most of its life in fresh water. Can't find any corrosion. I live on a private lake but I'm also 2 miles from the inlet and the ICW. How are these offshore on a decent to bad day? I also have a 20' CC with an aluminum bracket and a 2.5 200 Merc. I can't post the pics until I have 10 posts.