Well, its looking like Im going to have to bite the bullet and toss a new motor in the Outlaw. It currently has a stock 454 mag carb. Since I have to put a long block in it, I was thinking of maybe going to a 502 since the money difference is fairly close. I need some opinions on what to do? Benefits, negatives, problems with the switch? Ive also heard that I may need to switch the gear ratio in the outdrive to move to a 502. Is there a way to find out what ratio I have now, and what I would have to switch to? Let me know your opinions. Thanks guys.

You probably have a 1.5 ratio if you're running a Bravo with you 454. Since the money difference you're talking about is small , you must be talking about a mild 502. At worst , you'll have to change that prop to a higher pitch. Gear changes are only necessary with MAJOR horsepower gains.
Depending on what you're turning you 454 (say 4500) the 502 may turn 5000. You pick up a few rpms and a few mph and NO other changes.
I'd go for it

Thanks for the reply. Yeah, Im talking a stock 454 to a stock 502. What kind of horse power gains can I expect stock to stock? So basically instead of gear change just a reprop then. Any idea what to run for a prop, going with the 502? Its a 24 Outlaw, if that helps at all.

Not sure about your 454 but my 502s are rated at 415 HP. If the money is close, I don't see a down side to going to the bigger motor. The wieght should be close to the same.

Are your 502's just stock 502 crate motors with that horsepower, or are they a built motor by an engine builder?

Whats wrong with the current engine?

It might be allot cheaper to use existing parts and stroke it to a 496, love mine it has allot of get up and go

Basically long story short, I sucked water in to the #7 piston, and bent the valve, trashed a piston, and thats as far as I have gotten so far. I cant see a cracked block or anything, but Im guessing internals are trashed also. The other problem being is the guy I bought the boat from failed to tell me at initial purchase that it has a cam in it for a truck motor along with some other internals Im not so fond of, so using existing parts may not be an option. At this point Im just trying to get ideas as the best way to run with it.

Stock motors.

Look in the Swap Shop. Someone put a complete 502 mag up for $3,500.

well i'd stroke your engine to 496,good cylinder heads,should get 550 hp without a problem and be cheaper than 502