MerCruiser offered several inline 4 cyl engines for stern drive use. Most of MerCruiser's inboard powerplants were/are Chevy/GM based. All were/are identified by their horsepower rating, not their cubic inch displacement.
The 120 hp was for all intents and purposes a 1962-1967 Chevy II, 153 cubic inch, 4 cylinder, 3 7/8" bore x 3 1/4" stroke (same as the anemic 307 CID Chevy V-8). A cast iron head with "siamese" intake port design identical to the Chevy 194/230/250 6 cylinder head, lots of them were raced, but if you wanted to really make the horsepower, you needed to "de-siamese" the port and have individual runners for each cylinder. Later, the 120 hp engine would be the short lived 151 4 cylinder used in '77-'78 Chevy Monzas. It had a 4" bore x 3" stroke (same as 302 CID Chevy V-8) and used a factory "de-siamese" port design. Still cast iron. Rare. And very prone to crack. This engine was NOT the 1979 and later Iron Duke 151 CID (2.5L) 4 cyl as the Iron Duke was a cross flow cast iron head. Pontiac's Super Duty engines, which were popular for a spell as midget, Daytona Dash, and mini-stock engines were based on the Iron Duke.
The 140 hp Mercruiser also found it's way into midgets, provided the club's rules allowed a 3.0L engine. It was a purpose built boat/industrial power unit with a 4" bore x 3.6" stroke. It was never offered by GM in any street vehicle and does NOT mirror any Chevy street car engine because of the 3.6" stroke. This engine also has the better cylinder head design, but again, is heavy cast iron.
The 170 hp Mercruiser is the 3.7L engine originally asked about in this thread. It is a purpose built, cast aluminum block with iron cylinder liners that uses a cast iron 460 Ford V-8 head. At approximately 230 CID, I think this engine falls out of the rules for a lot of midget clubs and sanctioning bodies, but I have no doubt that some found their way into midgets (everything else did, outboard boats, motorcycles, tractors, etc.) I don't think you will find wide spread use of the 170 hp engine in automotive applications or racing applications as they were never that plentiful and the iron head on the aluminum block, along with some other design challenges, prevented them from being an effective alternative.
What I'm inferring from your request for information is that you are building a 3.7L engine and want to know what speed equipment might have existed in the marketplace. I don't think you'll find much, and obviously when you mention "MerCruiser" and "Midget Engine" together, the assumptions people make are that you're talking about the cast iron Chevy-based engines. If you are pursuing the build on a 3.7L, I suggest, if you haven't already, looking at a couple of old posts in other message boards regarding the engine. The first is from HAMB where a LENGTHY discussion that occurred 14 years ago
https://www.jalopyjournal.com/forum/...banger.256713/ I couldn't even get through the whole discussion at the time. The second is a much more manageable discussion on hotrodders.com
https://www.hotrodders.com/threads/3...ruiser.197289/
I hope this helps.