I'm not at all familiar with the Yamaha, but if it's like most the engine will have to come out of the boat, as you can't get the bottom end apart in the boat. You can usually get the head off, but not into the bottom end.
Had a friend over for dinner Friday night and talk
got around to big engines and a Coast Guard boat that blew a Caterpiller diesel. They ( Hugh and crew) went out to have a look and said the engine had to come out for a rebuild. The Coast Guard cut out the side of the boat next to the engine and lifted it out with a fork lift. When the rebuild was complete they welded the piece back in with fish plates for reinforcement and painted it.The cabinet shouldn't be much of a problem.
Your right it is not easy but it do-able.Most serious engine work must be done out of the boat. Check previous thread regarding engine mount replacement. The fwd installation makes the engine very easy to access. use 2 block & tackle (such as your vang) supported on fwd hatch & companionway to lift then swing toward companionway. use a boatyard or yacht club hoist to remove the engine out the companionway. SAVE YOUR BACK! that little hunk of cast-iron is HEAVY!!! Use block/tackle advantage- go slow!
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