Todd,
I've been thinking about doing the same thing for a few years so your post prompted me to do some research. I would suggest either a dezincified marine bronze (DZR) or Marelon setup for replacement. If you are able to remove the existing Yanmar valve and could check the saildrive threads (e.g. 1/2" NPT which is tapered), I could make a better determination on part numbers.
The parts for a Marelon approach would require:
1/2" Threaded Nipple Male to Male
1/2" Inline Ball Valve
1/2" 90 degree elbow (1/2" Threaded to hose barb - I think the hose is 5/8")
If Marelon is used for the valve and hose barb, the threads on
Forespar 850 inline ball valve is NPSM (not tapered). This would require a 1/2" nipple adapter to the saildrive with NPT threads and NPSM threads on the valve side. The hose side would have a Forespar
Elbow 1/2" Male Threads to 1/2" Barb.
I couldn't find a Marelon male to male adapter with NPT to NPSM threads but a 316SS version that should work, with the saildrive thread end properly mated with thread isolation compound.
There are other combinations that could be paired, depending on what you find out the saildrive threads are and the size of the discharge hose to the strainer. Post what you find and we can sort this out.