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I gotta make a decision here in the next 24 hours. So help..... 
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Stay Chevy/Berkeley. You don't want to get to know a machine shop (or joe Mondello) well enough to run an olds half as hard as you can run the Chevy. Warer in oil was likely either a leaking intake gasket or an excess water pressure problem (which blows intake gaskets regularly). Either can be guided to solve from here. The Olds is OK for a light to mid-duty motor but try to get one anywhere near 500 HP and you are just asking it to saw itself in half.
There are some guys on here who run solid and strong olds' but they'll tell you it takes a huge ammount of work done exactly right. The chevy was born for big HP, just fill it with the right pieces and put it together well.
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Stay Chevy/Berkeley. You don't want to get to know a machine shop (or joe Mondello) well enough to run an olds half as hard as you can run the Chevy. Warer in oil was likely either a leaking intake gasket or an excess water pressure problem (which blows intake gaskets regularly). Either can be guided to solve from here. The Olds is OK for a light to mid-duty motor but try to get one anywhere near 500 HP and you are just asking it to saw itself in half.
There are some guys on here who run solid and strong olds' but they'll tell you it takes a huge ammount of work done exactly right. The chevy was born for big HP, just fill it with the right pieces and put it together well.
Looks like a sidewinder splash in your avitar....I have a sidewinder with an OLDS. No problems yet. How fast is your chevy powered hull??????/
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As someone with a Spectra 18 with an Olds, I'd ask one thing. What do you want out of this boat? A hot rod or a family type jet. The Spectra is hard to beat as a family boat, and if the Olds hasn't been "overbuilt", I wouldn't be scared of it. As long as they stay below 5000 rpm they will last forever. I am however, gearing up for swapping out my Olds this winter for a Chevy.
I read both threads and didn't notice what kind of boat your current one is? I know the Chevy is a better designed engine for big power, so if that's what you're after stick with what you have.
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here is the other boat.
Note: I went to look at the boat and in fact there is either a 429 or 460 ford in it not an olds. That is unless you can put an edelbrock performer 460 intake on an olds block. The intake is brand new with a single 4 barrel carb.
http://www.hostimage.net/images/78gt/77spectre.jpg
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Look or my response back at the sandbar.
Hooter-sled's response is soooooo correct!!
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