Hi Tollycrafter. Chris' suggestions above are probably the closest "short answer" you'll receive. This is very much a "do the math" issue. Your boat, your money, you're choice. But some things to consider:
a. My WAG on cost is probably closer to $60K. If you're fortunate to be able to re-use your existing transmissions and associated running gear, you may be able to shave my WAG a bit. However, should your repower open up the WAY more typical can of worms, my WAG will seem like a bargain. If I were to contemplate a repower on what is probably a 40+ year old Tolly 48, I would certainly consider replacement of the four 150 gallon fuel tanks outboard of those engines at the same time. You will never have that opportunity again. Ditto prophylactic transmission rebuilds, assuming you can use your existing units. And the beat goes on...
b. Several of the systems such as electric and HVAC on a Tolly 48 run overhead in the engine compartment. To remove your existing Detroits, all must be cut and/or moved out of the way to lift the engines through the salon floor. And replaced when the new engines are replaced. When I contemplate dealing with THAT mess, I see labor dollars flying out the pilothouse door.
c. My Tolly 48 had CAT 3208s for power. While fine engines, I often pined for DD671s, simply for access reasons alone. You mention the DDs are noisy. Well, ANY engine will be noisy, particularly if you power for, and run your Tolly at 15-17 knots. You mention the DDs leak. Not so, assuming they are properly sealed by a knowledgeable DD mechanic, and are maintained appropriately. Don't lose sight of the advantage of mirror-image engines like the DD671s. ALL service items are accessible inboard, with the exception of the air box covers. Assuming those covers are sealed correctly, there is no need to be outboard of your 671s. Not so of any other engine, to my knowledge. I believe any Cummins or Yanmar repower will result in at least 1/2 of your service items (pumps, water lines, heat exchangers, zincs, turbochargers, blah blah blah being outboard on one engine, smack up against those pesky fuel tanks.
d. Removal and replacement of your engines obviously requires dynamiting your salon. Not a big deal, but you will also have to remove one of the salon windows to hoist out your engines. And the likelihood of damage to the existing window frame upon removal is high. Can this damage be remedied? I seriously doubt there are any OEM windows still around, leaving you with the high likelihood of having a custom frame and window manufactured by somebody (who?). Smart money looks into this BEFORE that window is damaged irreparably.
Repower of most boats is a big, big deal. Sure, there's lots of anecdotal evidence from the howler monkeys on the WWW that say "sure-piece of cake. I lifted an engine from my cousin's front end loader and stuffed it into my XYZ over the weekend. Cost me peanuts." Not so much anecdotal evidence of proper and realistic repowers, costing many thousands, and yielding universally satisfactory results. Hope you've got your eyes wide, wide open.
Regards,
Pete