[jclark003]

Assuming you are fresh water cooled 1200 hours isn't a terribly high number of hours depending on how the boat has been run. Not unusual to see 2500-3000 hours on the lower end especially pushing around a relatively light boat. The top end is a different matter and may be due soon but that's a lot easier and cheaper than a repower

Mercruiser 6.2 is a direct replacement engine with similar HP and torque ratings. Transmission is compatible and most likely no need to change props. Guessing $12+K per engine plus installation.

Alternative is to go with a reman long block which will probably be around $2500 each plus install and labor to swap out accessories and manifolds.