You definitely have an issue. Here are my thoughts on it.
1) That engine is supposedly a stroker. That means there should be some good parts in it. No one with any knowledge puts a stroker crank in with crap pistons etc... That being said, I have my doubts it is a stroker.
2) After you lost the cooling line to it, you noticed more blow by than what you saw last year. Who knows if that is a contributing factor or not. Only way to find out is to tear into it and even then you may not know exactly what happened.
You can do a leak down and that will tell you where the compression is going. If it is the head you could just do a valve job. I personally would not do this. I have seen many motors lose the rings after a valve job due to the increased compression on the old rings. If you run it like it is, and it turns out to actually be a good bottom end, you stand the chance to tear up some good parts. If it is a valve issue, a dropped valve can do some serious damage, If it is a hole in a piston, you can tear the bottom end up real quick when the piston comes apart. If it is a broken ring, same end result if it completely lets go.
The way it stands right now, you may have a good block, piston, cam, crank heads etc... Keep running it the way it is and there is a good chance you will have $75 worth of scrap metal at the recycler.
If it was mine, I would get a wrecking yard 460 and put it in the boat one Saturday soon. Your boat will only be down one day and it will give you the time to tear into yours to see what you actually have. If yours turns out to be a stroker, build it as time and money allow. If what you have is a stock 460, you didn't lose anything by putting the wrecking yard motor in.
Just my .02 Sorry to hear it for you Cliff.
Matt