Outboard?-Maybe.....
Sailing a C27 with an OB in the same waters as Bob, I must agree, ay least as to the original purchase set up of the boat at your acquisition. I have the OB in the transom well, which would be difficult to duplicate if you're converting from an A4. I love the OB setup; easy and cheap to maintain, quieter than a diesel (at least in the well-on a transom braket less so.), and much less complicated. And the area under the cockpit is a great place to store inflatable dinks, extra food, sails, whatever-lots of space. You lose this with an IB. If you rig remote controls to the OB, the only downside I see is greater fuel usage- I use about 1-1.2 gal/hr at 5.6 knots in calm water with a 15HP 2-stroke Johnson. Unless you frequently motor a long ways (and I do sometimes!) its not a problem. I carry a 4HP OB on the stern rail as a motor for the dink, and the 4 will even push the 27 at 4.5 knots in smooth water if you need an "auxiliary to the auxiliary. However, putting an OB on an up-down transom bracket would negate some of the advantages. My OB never cavitates, and that's not the story I've heard from others with a 27 with a transom bracket.