All items that were noted by posters were checked out. Changing the oil grade to 5w let the valve train oil in total after a minute of firing. Owner then found a 174 B&M blower setup, added an 850 carb and installed it back in the boat. Jetted the carb per another forum (boat guys). First test run went good with mild application of power, elected to put the power to it. Ran strong at 4800 rpm trimmed out. Then after about 3 minutes of pull, it began to get rough and before you know it oil was coming out the engine. Shut her down and brought it home. New tear-down showed number 1 forged piston was melting into the ring land. All other aspects of the bearings and valve train did not appear to have harm nor show any lack of oil contact. Basically he ran it lean and melted it. New piston is on it's way and carb jets will be rich and worked down to proper.

Not my motor but it appears to be oiling ok and has become a giant learning tool for the owner.
We will see what happens next.