Hi Ray,
I have closed cooling on mine and have no problems. It was on the boat when I got it, and I am happy with it. If I recall correctly, to put a system on an engine would run about $500 - $1000 (depending on whether you put antifreeze on the manifolds (full system), or only on the block (1/2 system)) from what I have seen in the catalogs and other posts. But, check the links below to make sure I am not confused.
I have seen other posts elsewhere and attempted to decypher the whole issue. I think the bottom line is: If you put your boat in the water for the day (or 2) then pull it and flush, you should not have a problem with corrosion. If you stick your boat in the water and moor for the whole summer, then you will have a problem with corrosion.
Winterizing is slightly easier with closed cooling. I only have to let the raw water out of my heat exchanger. I have antifreeze on my manifolds, so I don't have to drain them or the block. Still have to fluch and drain outdrive though.
Do some searches here, and you will find a lot more info on systems and prices -
www.boatered.com
http://pub12.ezboard.com/bbocweb (
www.boc-web.org forums)
Orca - Previously Mystic Sea