I have done a conversion to closed cooling on my Formula 330 w/ 7.4's. The boat spent 16 years (740 hours) on Lake Winnipesaukee, NH prior to my purchasing it and it had open cooling all that time. I was bringing the boat to Cape cod to run in the salt.
Although the age and hours were on the high side, I figured it would be better than letting the salt have a go at the engine cooling system. To confirm my thinking, I took a look at the thermostat housings and what I could see of the engine block internals with the water pump removed. They looked really good, with only powdery surface rust . . . no scaling.
Along the way, I learned that a cooling system flush with an oxalic acid (wood bleach) solution and then a neutralizing flush (baking soda), then a plain water flush would be a good preparation to convert to closed cooling. It will remove much of the powdery rust within the engine block passageways.
So, I recommend you do some inspection of the thermostat housing and then, if all looks good, do an acid flush to remove the internal rust. Then you should be good-to-go with closed cooling.
Keep in mind that you will want to do salt-away treatments of the heat exchanger on an annual basis as the salt build-up will block the cooling passages inside the HE over the course of a few years. I actually took my cooling system apart after 4 years of use and did some cleaning of the passageways.
To add to the comments on installation, yes it is not a slam-dunk and will take a couple of long days, if you DIY. If not, I'd expect to pay upwards of $1,200 for installation labor per engine.
Also, I'd recommend going with the FULL closed system (block and manifolds) rather than the HALF (block only) system. Figure about $1,000 per engine for the closed cooling kit. I used the SJE kit, but SeaKamp and SJE are both fine aftermarket kits. I also found that the thermostat configuration on the kit was not to my liking and I modified the t-stats to compensate.
PM me if you want some details on the installation.