Step Up,
I think in the case of your Sceptre 20, I'd stay w/ the MC 165 also. Plenty of parts and Alpha drive compatibility. Excellent performance characteristics. I think 45 mph+ is doable. CC's bowrider numbers are amazing.
Only qualm I'd have about 4.3 is again pushing weight aft. Island Trader has a a nice link showing his engine well expansion on his 21, to accommodate a small block v8.
Like CC, I still have a 1965/6 Chevy 230 w/MC-1 sterndrive on my 21. I made the mistake of keeping the motor because it was sound, and fixing the out-drive when it became problematic. I repaired it be cause i was pretty certain the motor would not adapt to the Alpha drives. On the other hand the 250cc based MC165 will. In hindsight, I would have swapped for the more modern I6 and sought a 165 w/Alpha drive.
For my 21, the 292 sounds interesting. Is that longer stroker configuration effectively what the 383 stroker gets as a small block v-8? My guess is it would be a bit of a gas guzzler...
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