I think you already got all the pure speculation you need already from your mechanic.I'll vote to run it and monitor.
I will also vote to run/monitor with the following caveats:1. I would only run it for this boating season, and rebuild it over the winter. I agree that running it to failure will likely result in a more costly repair.2. Re-assess your schedule for a rebuild now. I've never rebuilt an engine, but will it really take all summer to rebuild it? It is mid-late March now...could it be done by June? Of course, this is coming from the guy who has taken over 2 years rebuilding a boat, and still doesn't have much to show for it....
I say run it til it goes Tango Uniform. Either way, tear it down now or wait til it's toast, you were looking at a big bill. Maybe the mechanic had his old Timex near the scope and that's the ticking/knock he heard and you'll get 800 more hours out of it. Or, he was correct and you get 50, either way you were looking at bucks or time or both. I say run it like you stole it. :-)