Interesting discussion. My 1972 Sea Ray has the Mercruiser 165. The inline 6 which is the GM 250. Basically they are the same engine. GM made millions of them and put them in pickup trucks for about 20 years. Mercury simply borrowed the blocks and added marine parts. They do have stronger pistons and rods, and valves. But the cam shaft may be the same as the truck cam. I have heard people say it is and others say it isn't. But most of the stuff that hangs off the block are the marinized parts. The water pump uses a slightly higher volume impeller and the impeller is bronze. The previous owner of my boat had an auto impeller in it and it was a pile of rust. The exhaust manifold is made for marine use with a water lift. I got a new manifold and lift made by Barr from an online source. Of course, some had raw water cooling and others had a heat exchanger. The 72 engine in mine was raw water cooled. It died at 47 years old and I replaced it with a 1978 version, from another boat, and that engine has a heat exchanger. The parts are readily available in the US. I have never had a problem finding replacement parts. However, I did change the distributor to an electronic breaker less system and it improved the performance and reliability immediately. Anyway If you need a list of sources I would be happy to put one together. Of course it will cost a lot more to get it from the US. But I don't know sources in Europe. By the way, what has been said before is true, if the rust is just surface rust then the internal parts are probably fine. My boat sat for ten years out in the rain and wet (it rains a bit here) before I bought it, and the engine ran fine after I cleaned it up and replaced a few parts. It still had good compression. It ran for another ten years until the water passages in the head rusted out. But 47 years is not too bad.
PS: I might add, mine has a Rochester carburetor. Those carbs are readily available from online stores. They are remanufactured and they are marine versions. I don't know if they used Rochesters on engines delivered to Europe but if they did the rebuild kits are available, as well as new Carburetors.
BTW forget the 470. They are notoriously bad. And if you decide to go to a V8 or an engine with more horsepower and torque you would probably also have to upgrade the sterndrive.