I am humbled by your responses and help. All you comments are versions of conversations I have had in my head and some I have not even considered.
As I go back and forth, I think Pete's suggestion may make the most sense.
Anyway you cut it, I'm going to have to remove the engines, be it for less HP, same HP or more HP. (sunk cost estimate $5K)
With the blank slate and an empty ER, what gives the biggest bang for the buck?
1. Replace with reman Cummins (50K engines and transmissions + $50K parts and install labor)
2. Replace with running takeouts (maybe get lucky with a pair of FL 120s) ($25K for pair + $50K parts and install labor)
3. Find a pair of FL120's and rebuild them ($30K full rebuild + $50K parts and install labor)
4. Rebuild/repair the FL 225s (BTW-PO bypassed intercoolers b/c of corrosion so engines are now 180hp - when running
) ($25K fix +$25K parts and install labor; guessing install labor would be less because no engine bed work)
Options 2 and 3 do not guarantee current Newage/PRM transmissions will work, and props will not need to be tuned to new power.
With option 4 at least I know everything will go back in and mate with current transmissions. I have also built in my parts and labor figure knowing I want to re-route exhaust and re-do current fuel delivery/valving set-up.
Although everything on the boat is new (Garmin electronics suite, bow thruster, electrical, heating, galley, canvas, sanitation system, and the list goes on, ALL done in the past 6 months at a cost of $150K) I'm realistic that even with all the upgrades, it's still a $95-$110K boat.
With all of the above in mind, does it still make sense to keep the boat and rebuild or repower or cut my losses and let it go to someone who may have the skills and time to do the work themselves.
I realize I have hijacked my own conversation so if you think this should be a separate thread, I'll create a new post.
Thanks for your input!