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"If ever a time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin."
That is, without question a CAT 3116 it has the freshwater aftercoolers, which are different than the seawater aftercoolers on the 3126, and very different from those on the 3126B and C-7. What you can't tell from looking at it (unless you look closely at the spec plate shown on the valve cover) is whether it is 300, 325 or 350 hp, because the only difference between then is the fuel timing and injectors, niether of which you can see.
As for reliability, it will depend on the application - they did well in 31-34' express fishing boats, not very well in the 38-44' SeaRay's and similar cruisers where they were always overloaded.
Even at 300 hp, that would be a 28 kt cruise - 33 kt top end boat, which would be sweet.
They fit far better in that 31B than I would have expected, as physically they a fair bit bigger than comparable 6B Cummins, D6 Volvo's or Yanmars.