Byron: 
I've pinged someone about coosa board -- maybe he'll comment. 
Engine room - I've spent alot of time in the engine room on Pygmalion - W32. 
In 2008 I installed a new engine  and redid the engine compartment. 
Thoughts: 
If the engine is out this a great time to really spend time fixing the compartment. 
The fuel tanks can be removed more or less easily.  On Pygmalion a corner had to be sawed off the liner to remove the tanks -- with the engine installed - almost impossible to remove the tanks. IMHO.  Once removed you can clean the insides as needed.  Consider adding inspection ports for cleaning the tanks later on w/o removal. 
Move the fuel tank vents from the outside of the hull to inside the cockpit - be sure to keep a high loop up in the bulwarks.  Hopefully this will prevent a burp of fuel into the water. 
In the photo album linked above, you can see that I removed the cockpit drains and routed them back to the stern just above the water line.  I also sealed up holes in the hull - freeing up the engine compartment and plugging two very large holes and 6 smaller holes.  
You can also think about sound attenuation... from the engine compartment both bulwarks allow engine sounds to travel through the open passageways forward.  I find it impossible to reach these areas from the engine compartment with the fuel tanks installed and the engine installed.  I would have liked to install PVC wire chases on both sides to route wires forward then fully blocked with 1/2 plywood or ?  sealing off the engine compartment as much as possible. 
Now is also a good time to think about cleaning up the wiring that in Pygmalion was in the engine compartment and was a mess. 
I also sealed up the large opening between the stern bulkhead - near the lazarette - to the bottom of the deck.  This blocked a lot of noise from the engine compartment in to the cockpit.  I suspect that the opening is the air supply to the engine for many boats but Pygmalion has a cockpit air supply. 
Refinishing the compartment - I used all Bilge Coat white -- great paint and has held up very well -- but I would recommend Bildge Coat light grey under the engine or maybe from the water line down - with white above.  
If you need more ideas on projects let me know:) 
Jay