Everything is about to say is only MOSTLY true. I have indulged in a little oversimplification because the answers you seek don't really require us to get into the weeds, or for you to suffer through a 30+ year regurgitation of my hot-rodding past.
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ALL of these engines are General Motors "Tall Blocks" wrapped in a Marine engine support system that enables them to be installed in boats.
This is a 5.0 Liter (305 cubic inch) Chevrolet small block:
- MerCruiser 5.0L MPIC - 260HP (Catalyzed) 50MPICB1DS $72,903
- Volvo 5.0 GXiC - 270 HP (Catalyzed) 50GXiCDS $70,865
These are 5.7 Liter (350 cubic inch) Chevrolet small blocks:
- MerCruiser 350 MAGC MPI - 300HP (Catalyzed)350MAGCB1DS $75,007
- MerCruiser 350 MAGC MPI Bravo 3 - 300HP (Catalyzed) 350MAGCB3DS $76,406
- MerCruiser 350 MAGC MPI DTS Bravo 1 - 300HP (Catalyzed)350MAGCB1DTSDS $76,111
- MerCruiser 350 MAGC MPI DTS Bravo 3 - 300HP (Catalyzed) 350MAGCB3DTSDS $77,510
- Volvo 5.7 GiC - 300 HP (Catalyzed) 57GiCDS $72,533
- Volvo 5.7 GXiC - 320 HP (Catalyzed) 57GXiCDS $75,364
This is a 6.2 Liter Chevrolet small block:
- MerCruiser 377 MAGC MPI Bravo 3 - 320 HP (Catalyzed) 377MAGCB3DS $79,947
These are, respectively; 496 & 502 Big Block Chevrolet big blocks:
- Volvo 8.1 GiC DP - 400 HP 81GiCDPDS $0
- MerCruiser 8.2 MAG HOC Bravo 3 - 425HP 82MAGHOCB3DS $0
All of these engines are modern versions of the classics. I won't bore you with a lot of details, but at the very least you can expect the engines to have forged pistons, Powdered metal rods and probably forged crankshafts. The small blocks have the Vortech heads and in fact, I think they're all considered Vortech engines now, but even with GM these things get complex.
At the risk of oversimplifying, the 305 engine is a small bore version of the 350 and the 377 is a long stroke version of the 350. If you hear about a 383, that's a 377 with an .030 overbore.
The 8.1(496) big block is a somewhat more modern version of the big block series than the 8.2(502) but the differences are a bit on the esoteric side.
The reliable power limit for the 350's is around 500hp. It's a bit less for the 305's and a bit more for the 377. All things being equal the 377 will be the better "grunt" engine because its longer stroke makes more torque and it's longer rod means more dwell time at TDC for the fuel to burn.
The big blocks are too similar to worry about differences and can both safely produce 650-700 hp and still have a long engine life.
Obviously, they don't make that much power out of the gate.
If you want to add aftermarket forced induction, you need to buy a mercury engine. If you don't care about doing that then either Mercury or Volvo will do fine. I should point out that this has nothing to do with the relative strength of the engine, its simply a case of what is AVAILABLE in the aftermarket. If you want to spend the money you can supercharge a Volvo just like you can a Mercury. It'll just cost a lot more because you'll be buying custom work, not "off the shelf" parts.
My personal opinion? The best overall engine is the 377.
If you want the fastest boat on the lake either from the factory or after you modify it, just buy a big block and be done with it. There's no point in pretending fuel consumption is even an issue if you're after power and speed.
If you want fuel economy, the seemingly obvious choice would be the 305's. However, you'd probably be better off with a 350. You just done pick up enough economy by giving away those 45 cubic inches to justify the loss in power. In fact, you may find your economy to be WORSE. It depends how you use your boat.
ANY of those engines would be a good, reliable power plant. Make your selection based on which drive unit you want and what you can get a good deal on.
One thing...
Any upgraded fuel and oil filtering options you can buy are a good idea. For ANY engine.