Re: To Rebuild or not to Rebuild that is the question
You should always replace the thermostat(s) after overheating an engine, at a minimum. You should also change the raw water impeller if it was starved for water and if it is missing pieces you need to look for them in the heat exchanger. If it starts OK when cold you still have good compression so the basic engine isn't toast. If it isn't using coolant then you probably don't have anything to worry about. I won't comment on the rum/night/boating thing.
SV Laurie Anne
1988 Brewer 40 Pilothouse