I suspect he may be talking about shaft log seals? Frankly, you can spend more money "preparing" your boat than you paid for it if you follow every piece of advice you get. If you are intending to set off for New Zealand in your boat then doing all the things FF suggests might make sense. But since I expect you are more interested in exploring the San Juans, Gulf Islands, Desolation Sound, Inside Passage, and SE Alaska, I think you can probably forgo things like lifting the engine and installing new mounts right now unless the ones currently installed are shot.
There's armchair theory and there's reality. I suspect the reality is that you have a fine, well-looked after boat that, like all boats, will have things that need to be done to it but that is basically sound and ready to go cruising. I'm assuming you had the boat and engine surveyed before you bought it, so if the surveyor(s) didn't find anything major that needs immediate attention, there probably isn't anything major that needs immediate attention.
Learn the boat's systems, read the engine and transmission operations/maintenance manuals, keep an eye on things, follow the recommended maintenance schedules, and operate the boat in the manner in which it was originally meant to be operated.
And have fun. You're not going to the moon here. You're just going to cruise around some islands and enjoy being out on the water.
If you've owned a boat before, power or sail, you will know that there will always be new things for you to fix. Refrigerators will crap out, toilets will need to be overhauled, hose connections will leak, pumps will fail, and on and on and on. So don't get all wrapped around the axle trying to deal with things that haven't happened yet. Take the challenges as they come up, get advice from credible (aka professional) people when faced with a problem you can't figure out on your own, read about the stuff you don't know much about, and above all, apply liberal doses of logic and common sense to the whole operation.
If you do that, the chances are that your boat will serve you well for as long as you need her to.
-- Edited by Marin on Friday 2nd of October 2009 11:15:45 PM