my brother has a formula 242ls. its in really nice shape.. cabin looks like its from a time warp and even has the factory throw pillows that read formula on them. the oil pressure was always reading low when hot since he freshened the engine a few years back. so last winter he pulled the engine to go through it.. and never did anything.

now, he bought my friends active thunder and wants to sell this one. the engine sits like it does in the pic.. he never took it apart. it does run well but the oil pressure was low when hot.

the drive is an alpha with the 1.36 ratio that they used with the big block.

heres his ad he wants $4000.
http://longisland.craigslist.org/boa/3936339295.html

Nice boat and right up my alley as a project, too bad it is on wrong side of country for me. Good luck with sale.

it really is a nice boat and easy project. its not a basket case.. its a full engine on the stand. i would take it myself but 3 boats is getting a little out of hand haha.
the engine ran great since it was rebuilt but i suspect the bearing clearances ended up on the loose side. when the oil temp comes up it has low oil pressure. if it were mine, id do a crank and bearing set and run it.

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