I don't think a V-drive is going to give you what you are looking for:
Pros:
1. It allows you to put the engine closer to the transom
Cons:
1. Reduced efficiency due to added drivetrain drag
2. Makes adjusting and changing packing very difficult
3. Makes transmission removal much more difficult
4. More expensive to purchase
5. Increases the installed height of the engine
6. Moves the boats center of gravity rearward (harder to plane / increased minimum planing speed)
7. Adds (some) drivetrain noise
8. More difficult access to prop flange
IMO, the most reliable automotive based engine setup is good 'ol detroit iron running through a 1:1 velvet drive. Though I love my Mopars, as far as parts cost and availability, a small block chevy is hard to beat.
For overall reliability and ease of repair, and single 200-250hp outboard is hard to beat, though the cost can be a bit much.
If I were in your shoes... Stick with the I/O, keep up with maintenance, and enjoy many years of trouble free service. Though I am partial to VP drives (A 280pt is hard to beat for simplicity and durability), the Merc drives are pretty good too, though ignition cut out was a dumb idea, and the impeller IN the drive was also not a great idea. The VP units have no ignition interrupt and use a much more robust dog clutch. They also use an IB drive plate instead of a rubber coupler, and have an IB style impeller pump...
-Shane
"McKenna Renee"
1972 '32 FB Express. Twin 318 / Edelbrock 1409s
Chesapeake City Md (Upper Bay / C&D Canal)