Dave, I have had good luck with my 1987 King Cobra OMC. This is the 3rd year on it and we have put about 100 hrs on it, 350 total. We are running about 340+ Hp behind a 460 Ford.
I don't know about the old ones. The hardest thing about OMC is finding someone that knows how to work on them. It can be frustrating. If you are in SoCal I can refer you to someone. I would expect a bargain price on the boat since you will have some trouble getting it fixed when the time comes.
Hope this helps,
OL