Have a look on the Lancing Marine site.
http://www.lancingmarine.com/Mike is the contact and what he does not know about Ford marine engines is not worth talking about.
You will only need a small cooler and the raw (sea) water will keep it nice and cool, I have yet to do this on my boat but have also been looking at a bolt on heat sink to the oil filter to aid my cooling as I have a turbo with intercooler so the first place sea water goes is the intercooler and to re-plumb the engine bay will be a nightmare for me.
As we don't have cool air rushing past the engine most boat engines need as much cooling as they can get.
Keep an eye on Ebay as some come up for sale quite cheap.
I have even thought about this "water wetter" you can get which is supposed to aid cooling.
Dave