you have a few options,
one is the SEI Cobra conversion, probably the least expensive, but the SEI drives have spotty reliability
the next is the Volvo SX conversion, this is more expensive by a lot but about the same amount of work and gives you the much stronger cone clutch drive, I looked into doing this and it was closed to $5000 using used parts and my labor
next is to replace everything with Mercruiser, proably cheaper than the Volvo conversion due to more used parts out there but the engine and entire transom mount has to come out. OK if you will keep the boat a LONG time
last idea, that I thought of was to use the SEI coversion kit but get a used or rebuilt genuine Merc drive instead of the SEI copy.
Me, I am still running the Cobra, liked enough I bought another good used one as a spare. For less than half the cost of a used Volvo SX drive I was able to buy a used 4.3 V6 Cobra drive, complete transom mount, Y pipe, steeing actuator etc. Cobra parts are well priced now if you know what to look for and can adjust the shift linkage yourself.