I do not know what kind of sailing you plan on doing but if you are content with being a casual sailor in mostly fair weather I would advise getting a used 8HP outboard and for peace of mind an unlimited tow boat insurance policy. This should not set you back more than $1,000 and you can get to enjoy the boat. If on the other hand you intend to do Coastal Cruising outside protected waters I would strongly advise repowering the boat with an inboard diesel. n Do you know the reason for the loss of compression? It could be from poorly seating valves, bad head gasket or worn piston rings. There are a few tests that your mechanic could conduct to narrow down the primary cause. Removing the head, stripping it down and taking it to a machine shop to cut the valve seats and install new guides and then reassembling with new valves and a new head gasket could do wonders for compression at a low relative cost. I have gotten engines with worn piston rings to provide a couple of years of additional service by using a thick oil with additives. It reduces oil burning and increases compression. It is usually not cost effective to rebuild the injector pump so a replacement would be recommended. I had a stuck pump once as a result of water getting into the fuel and was able to remove it and soak it in a penetrating oil solution and manually pushing the plunger until it released and then it proceeded to work fine. Fixing it would depend on what type of problem it may have but I would not start buying new parts for it. As far as the injectors I would not rebuild nor replace until I felt the engine had gained adequate compression. That goes for the injector pump too. If you are mechanically inclined I'm sure you could get that engine running rather inexpensively but if you have to rely on mechanics it could get real expensive and the best option might be an outboard engine.
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