Unless the motor badly overheated and caused major damage (which sounds unlikely if it still runs) then I can't imagine a cooling system issue that would require a repower.
It's a very simple system on the 2QM15 motor, which is raw water cooled. You can replace most of the parts you mentioned for less than $100 dollars:
Hoses, impeller, belts, zincs, and thermostat.
Even if the water pump needs to be replaced, it's only $350 (not enough to kill a boat deal by itself).
These motors rarely have corrosion issues, the zincs do a good job of protecting the motor. What is vastly more common is an issue with sedimentary build up and scale. As the motor pumps raw water, the deposits in the water (salts and other minerals) can separate from the cooling water (particularly if the motor is run too hot) and cause blockages in the cooling passages. This is fixed with an acid flush, which is good to do every 4 or 5 years as preventative maintenance on any raw water cooled motor. If you would me to outline that procedure, let me know.
What is causing the mechanic to question the head gasket? Did he do a compression test?
These motors are truly very tough and part of that toughness comes from their simplicity. If there is something very wrong with the motor, then it probably won't run at all. Certainly, it will exhibit a clear symptom from the problem.
If the motor exhausts a lot of smoke more than a couple minutes after start up, doesn't start, doesn't produce much power, or has evidence of significant corrosion or leaks, then you'll have some issue to address.
Even then, though, there's not much that isn't fixable on these motors. If the rest of the boat is sound and the price compensates for the deficiencies, I personally would not let the motor stop me.
Of course, the decision is yours to make. Is this boat at this price better than the next best alternative?
No boat is perfect, particularly these old J/30's.
![[Linked Image from j30.us]](http://j30.us/ubb/smile.gif)
I had a number of issues with my boat that I wasn't thrilled about finding during the inspection. However, the good outweighed the bad and I couldn't be happier with Rambunctious.
I'm not trying to talk you into this boat, and I obviously don't know the precise state of the motor, but I can guarantee minor motor issues are - usually - easily overcome.
[This message has been edited by Jason King (edited 10-25-2007).]