Repower options Formula 242LS with 454 mag
 

My boat is a 1989 Formula 242LS with a 454 mag (365hp)and bravo 1 outdrive. Engine has 730+ hours

Recently the motor wouldn't start, pulled the plugs and motor puked out salt water. The experience is detailed on the Formula owners forum
http://www.offshoreonly.com/forums/s...d.php?t=129418

and here:
http://www.offshoreonly.com/forums/s...d.php?t=129028

I've been researching my options and I'm close to pulling the trigger on a new 502 long block + exhaust but wanted to get some thoughts about my options. Also, since I'm going to spend some dough to get going again, I would like to increase my HP. Right now my top speed is 56mph turning a 22bravo I at 4800rpms (I also have a 21 Mirage @ 5100 rpms at 55mph). I'd like to spend $8K P&L but it's looking more like $10K. So here's what I've found to be my options so far:

Option 1: Tear down the current motor and see what caused the motor to hydrolock. I probably need new exhaust, but until we get into the motor I'm not sure where the failure happened. Could be rusty exhaust, or could be head gasket, crack block. Then once I find the cause...I don't know what needs to be replaced because I'm not sure how much, if any damage was done. But with 730 hours on the motor I suspect it is tired.

Option 2: Rebuilt long block + stock exhaust. The current engine is a generation 4 454 magnum. I've looked and looked and I only seem to find 330hp 454 rebuilt engines. I certainly don't want to go down in power, plus I think those engines have the wrong ports but I'm not sure. And they don't have the forged crank and pistons either. I could also go with a rebuilt 502...but I don't think the 502s I'm seeing are 502 magnums with the good parts inside. If I went with a 502 rebuilt motor, would it make sense to also upgrade the 454 mag intake manifold and carb?

Option 3: New 502 long block. I could go with a new 502 long block with 415-435 HP. Will require some extra parts to make it work but could go with standard exhaust. Will my current flywheel work with a Gen 6 long block? Would it make sense to also upgrade the 454 mag intake manifold and carb?

Option 4: New 454 long block HO. This will require some extra parts as well...and since the power is made with an agressive cam, I think I would definitely need performance exhaust to prevent reversion (sp?). Would it make sense to also upgrade the 454 mag manifold and carb?

Option 5: Used 454 or 502. This might be the easiest and least expensive option, but with a used motor, how do you know what you are getting? I'd be reluctant to send of $5K to paypal to someone I don't know for an engine I haven't seen run in person...plus no warranty.

Tough spot to be in but I suspect other folks have been in similar situations. So I'd welcome opinions from the collective wisdom of OSO. :)

Re: Repower options Formula 242LS with 454 mag
 

Gratuitous pics.

Re: Repower options Formula 242LS with 454 mag
 

ttt?

Re: Repower options Formula 242LS with 454 mag
 

Chuck, your 454 Mag does have the good internals. One of my customers has an identical boat to yours. I replaced the heads about 5 years ago and then last year he hydolocked it. I replaced it with a new 496 Mag. (375 HP). The 496 is noticably faster than the original 454 Mag. It will run a solid 60 on GPS. Your 454 is a good platform to build from if it's not trashed from salt water. Rebuilding it with a few better parts would be the cheapest route. Of course the turn key reliability of a new EFI engine is really nice. You can find take out 496's at a pretty good price.

Re: Repower options Formula 242LS with 454 mag
 

Thanks for your thoughts on this. I'm not sure if the 454 mag is toast from the salt water and/or tired after 730 hours. I'd hate to spend the labor $$$ pulling it apart to find a cracked block or something.

Re: take out 496s. How does one find these?
EFI would a nice upgrade.

Re: Repower options Formula 242LS with 454 mag
 

Hey Chuck, I think John Bruno from the club may have some 496's available. Also Derebery (sp.) in Texas usually advertises a lot of take out stuff.

Re: Repower options Formula 242LS with 454 mag
 

Ted,

Thanks...I've just about convinced myself to go with all new stuff.

If I decide to sell the boat a year or two down the road I think have a "new" motor will be a good selling point.

Oh well who said boating was cheap. :)

Re: Repower options Formula 242LS with 454 mag
 

Honestly, a take out EFI motor is the way to go-everything on it, plug and play. A huge part of why I bought my Formula was the 502 Mag EFI engines, to see them in there you would think it came that way.