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Even though I am a Mercury guy, I have experience with OMC V-4's on a 17' hull, and I would say no more than 2 holes up (3rd hole in the pattern), and that provided you use a good holding prop like a Stiletto.

My Montauk originally came with an Evinrude V-4, and 1-1/2" up (3rd mounting hole) is all that was needed. Generally, the top set of hole CL's are 1-7/8" below top of transom, and the bottom set are 8" below those. The 1987 Montauk can accomodate the standard BIA pattern we are discussing.

Since engine bolts are 1/2", 1/2" pegs will be needed. If you are planning to finish gelcoat, do not use West Epoxy, since gelcoat will not bond to it for any period of time. Use Evercoat Formula 27 polyester resin paste.

Stick with exact BIA pattern dimensions for the lower bolts, since not all engines (like Mercs) have lower slots.