I too love the 351 from the mid 90's (and the subsequent 361) and am convinced it will be my next boat (sooner than later I hope...but alas the economy!). I believe it is a great value over the 361 considering the price differential between the two. Great (appreciated) input above regarding the Perkins vs Yanmar, ballast, etc. I'd appreciate reading about any additional such experience/input w/this model.
Regarding the charter issue I have always been skeptical of it but didn't know if that was really an issue or not. My anology has always been with rental cars and I know I wouldn't purchase one of those (despite the fact that the probably get better/more routine maintenance).
1982 Islander Bahama 30