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I'll give you the classic "it depends" answer.

In general, I think more power is better - lets you handle heavier loads should the occasion arise. The 90HO comes in at 390 pounds, a good deal more than the eTec 90's 320 pounds, but only slightly more than the stock Merc 90, which weighs 359 pounds. So the weight wouldn't scare me, at least on a 170 which is relatively wide compared to the classic Montauk 17.

Mileage won't be all that different either with the larger motor, unless you're running at WOT - that is, when you're running the 90HO at speeds above what the 90 can achieve, you'll obviously use more fuel.

I can't say whether the triple will be less smooth than the V-4 - I doubt you'd notice much difference.

Only you can answer whether the additional power is worth the additional cost, and whether you are willing to install and maintain a separate oil tank.

What's the incremental cost of the HO over the regular 90?

Tim