All points and facts brought up from all the members are probably good points to consider, however, speaking from pure experience, I would but a crate motor with confidence and stab it right in your boat with NO modifications. My first boat, a 21 Daytona, I put in the crate 350/350 crate motor right out of the box.....ran the piss out of it and logged over 400 hours on the boat and NEVER had ONE problem! My second boat was a Shiada 21 River Cruiser, put in the 502/502....NO modifications and logged over 500 hours with ZERO problems!
Im SO confident in crate motors right out of the box that my current boat is a 25'7 Effect with a 540 blown motor.....I intentionally run the piss out of it hoping to one day blow the motor so I can install, you guessed it, the same crate motor your looking at.
Bottom line.....do the math.....say you put 500 hours on a motor and you "average" 40 miles per hour, that equates to "only" 20,000 miles....I would say that a motor is fairly fresh at 20,000 miles!
You will have many objections to my comments and probably rightfully so as far as sound mechicanical advice, however, I would stab a ctate motor in any boat that I owned with absolute confidance! Its nice to cruise down the river knwoing that your biggest worry is how much beer you have left!