It is a 15 year old stern drive boat. Do not expect it to be problem free. Despite perfect care any boat that old will have had a chance for corrosion to set in, rubber bits to dry out, drive parts to wear out, and wood rot to start. Most important thing to check, IMO, is the condition of the wood in the structure of the boat. It probably had wood stringers, transom core, bulkheads, and if the sole is carpeted, a wood deck. Make sure those are all solid.
It will have a Gen 2 Alpha drive. Those are solid and reliable, and they can be replaced (with an aftermarket or used drive) for little money compared to any other drive. Check for steering slop by moving the aft end of the drive back and forth while someone holds the wheel. Less than an inch is acceptable on a boat that old. A worn gimbal ring is a common issue that causes steering slop with those and it is expensive to fix. 600 hours is nothing to worry about on a 4.3, those are a very robust and proven engine design with roots dating back to the mid 50s (it's a small block Chevy 350/5.7 with 2 cylinders removed).
In another post, you stated you are looking at a 22 foot boat, if memory serves. If this is the same boat, I'd be concerned about it being under-powered. That's a lot of boat for a 4.3 to move. I think it would be better powered with a 5.0 or a 5.7. If you intend to use it with few people on board, it will probably be OK. Put 6 people on it and it will struggle to get on plane (if propped "normally").
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