Since the boat is a 92, the easy assumption is that you have a normal rotation engine, but it would be good to hear that from you
With all the plugs still out, I'd rotate the engine by hand (use a 15/16 socket on the bolt holding the harmonic balancer onto the crankshaft)
Do a full 360 degrees stopping frequently along the way so you can see all of the teeth on the ring gear.
Are those shavings magnetic from the ring gear, starter gear ,,,,,,,,,or maybe non magnetic like from the nose of the starter? It's a lot of metal from somewhere
If they all look decent, I'd figure a new starter and you'll know pretty quickly if things are good or if you have a bigger problem with the ring gear.
You could rebuild or get rebuilt your "toast", but being a 92 it probably has the big old style Ford starter and replacing it with an Arco PMGR marine starter is a good choice
The link below to a recent thread has some info
If you have a normal rotation engine, then an Arco 70200 is what you'd want (or an equivalent cross referenced from another company)
Just to avoid confusion the part number for the reverse rotation starter won't get mentioned here.
Like the link says, a small easy wiring change is needed
A little shopping will show a wide range of pricing for the same Arco starter from different places
http://www.correctcraftfan.com/forum/forum_posts.asp?TID=50562&KW=70200&PID=604781&title=1990-ski-nautique-starter#604781" rel="nofollow - link
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