Repair with a new sheave
I had a 240 for 14 years - and I loved that boat (traded up to a 302). I had good luck replacing just the sheave vs. the entire block on several occaisions. Drill out the center post, replace the old sheave with a new one and then replace the post with a stainless bolt and nut. Only problem is finding the right sized sheave. Sometimes I just couldn't find a specific sheave that would fit. Maybe someone here will know of a place to buy sheaves other than what's available in the West Marine or Defender catalogs.Good luck.