Location: Western Caribbean & ocassionaly inCanada
Boat: Mesqua Ukee, Buccaneer 40 (Salar 40)
Posts: 480
I have the same engine. I had the same cast iron exhaust manifold with the bolt on end cap. It did not last long in the tropics.
You probably know you get an aluminium exhaust manifold combined with the header tank and heat exchanger. If not I will hunt up the manufacturer and part number.
There are many advantages to this setup, more space on the front of the engine, thermostat easier to change (need not remove header tank), easier to swap out freshwater pump, more options for the alternator, etc.
The Bowman cooler is what you are referring to and would be ideal, trying to limp by for a year with present setup then do that.
For those interested I think the correct part is Bowman * Model Number: PE390-3674 , your advice is bang on.