Bill-- after weighing my options for this problem, I decided to just patch the cover. I found some small pin holes in the upper portion of the cover and covered them w/ some Loctite brand 2-part epoxy, which seems to be pretty tough stuff. I also painted some of the rusty areas on the cam chain cover which were never painted from the factory, namely behind the crank pulley. I then used a crane built off a tree to reinstall: pick up motor, drive boat under.
I didn't feel like going through the pain of removing the oil pan. The seals b/w the oil pan and crankshaft seemed to be OK, in that if they do weep, it's an acceptable amount.
Ultimately, I'd like to put in a 3 liter inline 4 w/ 140hp, and I have another spare motor (w/ a bad head gasket), so I won't worry too much about this one. I'd rather spend my time fishing than working on the motor unnecessarily.
While I was working on the boat, I removed the bow rail as well, b/c it's just a PITA when trying to jump into the boat or haul the anchor in. The lines on the boat are a lot cleaner now too.
