Ryan, like my old 700 (I6 70 hose). Doesn't have a head, thanks to Farley pointing that out. Is that the plate on the side of the block, or the "cover" where the plugs are?
Mercury P/N 92-34227Q02 Sealing compound. It is designed for what you are doing. Order it from Ishop Marine. $16.00 for a can. Use it on both sides of the gasket surface and on the retaining bolt threads. Just a thin film. Make sure the block and water cover surfaces are scraped clean with a razor blade and wiped with acetone. Do not use abrasive rotory tools that can create an uneven surface. They key is flat,clean and torqued evenly. I've been using the sealing compound for 30 years for exactly what you are doing without any leaks. I strongly recommend you use this compound and spend the money to do it right. I've never used anything else.
Gee thanks Ryan...I'm pushing 35 years here at work; most of the people here weren't born when I started! Damn I'm getting old...
Farley,You know if Merc Perfect Seal is the same as OMC Gasket Sealing Compound http://www.firstchoicemarine.com/p-71237-omc-4-oz-gasket-sealing-compound-508235.aspx?gclid=CJbh8trAir0CFaVQOgod12gA9w or are the formulas different?
On an ADI engine like yours (no distributor) I've never seen the plug wires go bad unless they were damaged some how . Not enough aftermarket need so Mercury gets to charge what they want! Leave um be...