Bob4203, (that's not your hull number is it?)
I've had my MkI with a M18 for almost 8 years now and find the M18 to be reliable and efficient, but with my 3 blade prop motoring into a few feet of chop into the wind to get to my sailing grounds it certainly seems like having a few more horsepower would be a good deal. This wouldn't be a deal killer for me though if I were shopping for a C30 but if I were going to go long distances I might consider it when I was shopping. I motor at about 2500 RPM and about 5 kts, a few feet of chop and some headwinds and it's pretty easy to be doing 3.5 or 4.0
Mine has the two inch heat exchanger and I find that as long as it is clean (I boil it out every three years or so) it is ok up until the water temperature gets into the high 80's. Around here the water temperature is approaching 90 degrees now and I noticed last week when I was motoring out to my anchorage that the temperature of the engine had crept up to about 170 degrees after two hours of motoring at 2500 rpm (about 5.3 kts btw). With water temperatures below 80 degrees I once motored it for twelve hours and the temperature never budged off of 165ish. The two inch heat exchanger is definately a limiting factor on how hard you can push the engine, and a three inch heat exchanger is a great upgrade. Keep an eye on the zinc in the two inch HE, you don't ever want them to break off in there. I change mine every 90 days or so just to be safe.
Also, the stock alternator is a 35 amp Motorola. I have a fairly large house bank for a coastal boat and if you draw a large bank down enough you can quickly max out the alternator after the engine is started. Can't be too good for the alternator, and the load that it puts on the engine certainly costs a horse power or two and there aren't many to spare with the M18.
All that being said, it's easy to maintain, runs like a champ, new glow plugs from Kubota and rewired the starting circuit and starts are quick and reliable.
I plan on burning about .3 gal/hr and in reality its probably even less than that, so a pretty good range with the 18 gallon fuel tank.
Keep an eye on the bottom curve of the dipstick, it can rust out there and dump all your oil into the bilge. I had to rebuild the raw water pump a few years ago, but the engine had about 1000 hours on it at that point so I wasn't too disappointed with that.
I guess it's all relative really, boats have gotten bigger over the years, engines have gotten bigger and driver bigger accessories, battery banks are bigger so folks think they need big alternators. I'm sure if this boat was built new today the reviews would say that it is underpowered, but I do ok with it fwiw.
Take care,
DanM.