bannditt, we're having a glorious Resurrection Sunday! Our EFree church hosts a Korean church and today we had a joint service and dinner. Now home catching up.
OK... I'm with GeeBee, boat that age with a "marinized" engine, 17 YOA is too old NOT to consider manifolds. I say marinized because I believe the venerable classic "speedboats" with those big heavy true marine engines (GrayMarine etc.) might have had thicker castings along with other factors contributing to even longer life spans.
There are black OEM MerC replacement manifolds and elbows, "Mercruiser" cast right into them and I'm sure there are Volvo-Penta replacements cast and painted like OEM. But most of us get aftermarket exhaust like Barr, Osco, GLM and so on. Osco, by the way, is now absorbed by Sierra. This is OK, they're still Osco-designed and cast. And, Sierra has taken a big jump in wet joint gaskets: they now sell a graphite gasket like MerC was providing. Those are FAR better than the fiber gaskets Osco and etc, including Sierra, provided till around the time Osco became Sierra.
Thinking of Bruce, I think you should spray some lubricant into those cylinders and crank it before trying to start it. The cylinder walls are probably oil-free by now and could have a rust film. Oil'll help in either case. Only problem with that is it'll make a compression test look artificially good if you can't run the engine to clear excess oil out and let everything go back to natural state.
But I digress. What I'm thinking is if the manifolds on this V-P look original, I'm gonna guess they are and it's time to pull them. Pull the Riser/Elbows off first if the design of the boat allows you to. On ours, it's very difficult since the ends of the elbows extend under the edge of the engine compartment and they're on long studs with spacer blocks. But if yours are bolted, short studs, or can clear, pull riser only. Peel all the gaskets and look at the surfaces of the wet joints, the margins of the wet joints (separating water passages from exhaust passage), and look for rust flakes in the passages of both components. When we replace ours, the surfaces are eroded, the margins are thin, and the passages look like they're full of Frito's.
I think you'll be changing out the exhaust. And if you don't you'll soon be wishing you did.