If you're buying and repowering where can pick what you want, there are some nice options out there...
175 Suzuki 4-stroke. If you have a local dealer to support you this is probably a top choice.
175 E-tec. The new Bombardier/Evinrudes are really all they're cracked up to be, another top choice, and probably what I would go with given the opportunity.
While the yamaha F150 is a very nice motor, and sufficient for us 95% of the time, if you have calm water or water sports in mind where you can really open 'er up, a few more ponies would be nice. There are a few big-blocks on them, 200/225, but frankly I think the added weight is a detriment, especially if you want to load the boat up with big guys and gear. I run a 32 gal Kodiak in front of the motor on deck, and with four guys on board I just would't want the extra 120lbs or whatever it is. With full fuel the boat is about maxed out.
There are proponents for Mercury, I used to like them but now shy away from anything Brunswick. I'm sure the Verado is a good motor, but again, you have some extra weight and I don't know about you, but a supercharger on a boat motor just doesn't jive with me.
Weight and power wise, it's darn hard to beat the e-tec. If you really want a rocket, get the small block 200, but I think it's a bit overkill, and an extra grand or so when you buy it.
Another excellent option for an older boat would be a Yamaha HPDI-200 take-off. There are a few around and they are excellent motors. Would give you the performance and save you a bundle in purchase costs. And there's nothing wrong with a left hand propped one from a pair, they work just the same for a single. Again, here you get performance and keep the weight down. You do get a little more bang with a 2-stroke. The newer style motors are remarkably smoke free and quiet, escpecially the e-tec.
Hydraulic steering is recommended for any repower, it's just so much nicer to steer with.
Let us know what you decide on.