Allan Bart wrote:

Hi,

I have an opportunity to purchase at very low cost a clumbia 34 with an
old palmer diesel.

heh heh guess why it's available "at very low cost."

I was wondering about what would you substitute for the
original and how much would it cost?

Try this

http://www.marinedieseldirect.com/repower/home.htm

Also, cost out new sails, new rigging, replacement winches, replacing the
wiring & most of the electrical components, if it has one of those old junker
pressure alcohol stove then you'll need a new one of those, will you want to
upgrade to refrigeration, etc etc.

It would easily be possible to spend multiples tens of thousands of dollars
fixing up this boat. It would probably cost $15K to get it into safe condition
for minimalist daysailing & coastal cruising.

Ever heard the expression, "There ain't no such thing as a free lunch?"

Fresh Breezes- Doug King