Correct Craft boats made before 1993 will have wood frames that are encapsulated in fiberglass.  Key parts of the boat framework are the "stringers" that run longitudinally and are the mounting point for the engine and transmission.  In many older boats, the stringers will develop "rot" due to water intrusion over the years.  Stringers that are not structurally sound should be dealt with appropriately.  That can be an expensive procedure and very time-consuming.  As such, stringer integrity should be part of your decision process as you determine how much to spend on the engine.

Your 1988 is likely a reverse-rotation engine.  CC standard operating procedure is to run a right-hand spinning prop (when viewed from the rear of the boat).  The direct-drive transmission on your 1988 is likely a Velvet Drive 1:1  You can verify all this from the small metal engine I.D. tag (usually located on the bell housing).  When viewed from the rear of the boat, a reverse rotation engine turns clock-wise.  A standard rotation engine rotates counter-clockwise (again, viewed from the rear).

There are very few drop-in (turn-key) replacement engines available in reverse-rotation.  The standard rotation engines are much more common.  You can look at sites like www.MichiganMotorz.com and browse through the replacement marine engine section.  Look at the Ford Marine Engines section.  You can get a "long block" with GT-40 heads and reverse-rotation for $4,200.  A new standard rotation engine "drop-in" is $10,000.  This would mean re-indexing the transmission for standard rotation and running a lefty propeller.

Having your existing engine rebuilt by a GOOD engine mechanic may be a good option to consider.  That would likely be your least expensive option.  Plus, you could make a few performance improvements to things like heads, intake manifold, carb, distributor, etc.  With this option, you would likely get very close a fuel injected engine for a much lower cost.

So many options, so little time...

JQ

Repowering a right rotation boat with a left rotation engine to some on this forum is sacrilegious. however it has been done many times over.

finding reputable engine re-builders are now far and few in between. usually no warranty's and your stuck a number of hours down the road with a anchor in the middle of your boat. seen this far to many times.

With new ski boat prices skyrocketing out the $100K range and low hour used not far behind, I find myself as a business (Florida Inboards) fielding many a inquiry as well as lining up repower restorations in older boats.

Currently a customer wants to restore his 95 Sport. Looking at $35K total on this restoration and repower. Still a lot cheaper then looking for a low hour used ski boat.

PleasureCraft engines are the only option for non cat E-control repower engines (6.0 liter). One gets a year warranty and a great product and support from the manufacturer.

If one can not do the restoration, repair, rebuild or refit and has to rely on a shop to perform these services you are thrown to the wolves as not many of these shops have a clue about these services and shoot from the hip.

turning a right rotation boat to left is really not that big of an issue if the person doing it has the knowledge and nohow to install the needed compensation on the the trailing edge of the hull as well as setting the rudder torque. sometimes budget wise it can be the only option to get their boat back on the water.

which ever direction you go hopefully you don't get taken advantage of as well as iven miss information and poor products.

Good luck on your restoration.