the 165 engines had a 1.84 ratio from the factory, some did come with the 1.65 ratio that was standard on the 5.0L engines. You may be able to make up some of the gear diffeence with prop, but sooner or later you'll want to change to a 1.50 HD gear set( especially if you repower with a strong 5.7). Most of the boats had the stringers in the right location, but they didn't have the pads installed for the motor mounts to sit on, not that hard of a job to install. You will also have to change the input shaft on the drive, the exhaust will have to be changed over to a Y pipe for a V engine configuration. Your 165 probably didn't have power steering, its a recomended option if your going to install a V8. What it boils down to, it would be best to find a complete 5.7 set up( engine, transom plate, drive) in a junk boat to install rather than piece meal one together. The easiest solution is to replace the 165 with a rebuilt longblock( ebasicpower.com has them), or if you want more power, find a 292 truck motor, it will fit in the same place, you will have to install a longer exhaust hose, and may have to raise the engine box a few inches, it would also be best to put a 4bbl carb on teh 292(thats what the 4bbl flange on your manifold is for, they used the same manifold for both engines).