Have you asked a Yanmar mechanic how much it would cost to rebuild the engine that you currently have on your boat? It has to be a lot cheaper to rebuild it in place, as there is no additional cost to remove the existing engine, install a new one. Also, many engines are installed in a sailboat before the deck is put in place. It may require substantial work or alteration to get a new motor installed on your boat. You already know that your existing motor fits, right? If your exisiting diesel has been reliable & efficient thus far, then I always recommend a rebuild of what you have over a replacement. Replacement motors are usually called for when the original is rusted out, has had major water flooding damage, etc. Ps. My 5411 engine always produces steam discharge from the exhaust, as all of 'em do. It doesn't harm performance at all. Your engine only needs to be rebuilt if it won't start, is totally unreliable, or is leaking oil to the point of failure. Don't fix it if it ain't broke! It doesn't cost you anything to run your existing engine until its really time to rebuild it. Cheers.
I had a great conversation with my local Yanmar & Beta dealer and described what I was experiencing.
Context:
1978 engine, unknown hours
'glow plug' pre-heater installed
reluctant to start without 10-15 secs of pre-heater
blows white something after a period of runnng
My thinking that the glow plug was installed because the engine compression was dropping. So the pre-heat warms the incoming charge, making up for the lost compression on start-up and she fires up. Couple that with the white stuff and I conclude low compression.
My mechanic is almost "100% confident" it is not smoke, it is steam. His rationale?
The 2QM series engines were always hard to start the first time each day so the preheat does not necessarily point to low compression. He said installed many pre-heaters on that series of engine even when they were only a few years old.
Doesn't happen after start up
Only occurs while under load
He asked a important question: after the engine is fully warm and producing whiteness

, is there less white smoke/steam if the load is reduced?
In fact yes. We discovered this while motoring and running before about a 6 kt breeze. We were doing about 4kts over the ground against a serious current but the following wind provided a enough push to reduce the load on the engine such that it produce just a whisper of steam.
I did a full flush of the block last year using CLR but was afraid of damaging anything so I diluted the CLR by 50%. I'm going to do it again but perhaps use something more purpose-built.
Long story, short we'll keep the shaking, 2 cylinder hulking mass of cast iron 2QM in place until it truly dies!