If you do decide to go ahead, I'd surely give it a very thorough acid
washing to clean out corrosion products and (more likely)
salt mineral buildup. The latter is what plagued our previous
raw water cooled BMW D35.
I reckon that the advantages of FWC would be worth it if the engine is reasonably young and in good nick. Should increase longevity, and the ability to run hotter is a good thing in many ways.
jim