Hey,
Last year I sold my O'day 35. It was a 1986 with a M25 and had about 5000 hours on it. It still ran fine. It didn't like to start when the outside temp was below 50. Then again, i don't like to sail when it's that cold anyway.
IMHO, few of these engines will ever wear out from too many hours. Diesels can go and go and go as long as they are maintained. Most engines seem to wear out from salt water exposure and the resulting rot. Once the oil pan or other cases get rotten it doesn't take long for the motor to be junk. It's important to keep the painted surfaces from rusting, the steel from getting salt water splashed on it, etc.
Regular oil changes, good fuel, coolant changes, etc. and these engines could outlive the owners!
Barry