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I am looking for information on oil change specs. Specifically oil capacity and what type/weight. Searching throughout the net gives you multiple different weights. Thank you in advanced.

I’ve used straight 30, 40 and the Mercruiser/Quicksilver 25/40. Filter, you can use car filters for a Chevy 4.3 V6 or a Marine filter (Merc/Quicksilver or Sierra) if the boat is slipped or on a mooring in a damp climate. Once a year at the end of the season is when I change oil. Takes between 4-4.5 qts. If you have a 94 engine & drive package then the drive is actually the same as a Volvo SX of the same year. It is possible to have a ‘93 engine/drive in a ‘94 boat. The way to tell is the 93 which is the OMC Cobra dog clutch drive is flat across the top; the ‘94 & up has a hump on top just like the Volvo, it is painted OMC charcoal not Volvo silver. Post up pix of what you got….I’ve had mine 21 years so I’ve fixed about everything that can go wrong lol….

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88 Four Winns 200 Horizon
4.3 OMC Cobra-4bbl
2002 Walker Bay 10/2012 Suzuki 2.5
2008 Walker Bay 8

1998 Jeep Grand Cherokee 4.0/Selectrac
2007 Jeep Grand Cherokee 5.7 Hemi/Quadradrive II

I have a 94 Four Winns Freedom 170 with the 4.3 and OMC Cobra drive. Like Lou said, mine's a 94 hull with the older drive. I've had it for 20 years and the Cobra just keeps soldiering along. At some point finding parts for the OMC drive is going to drive me out of this boat, but other than bellows and gasket changes (and impellers), mine hasn't needed any parts.

To answer your question, I use straight 30W oil in my engine and an AC Delco PF52 filter. For the outdrive I use Quicksilver 90W or Startron 90W, changed every year.

The Mercruiser oil is pretty expensive but it does hold its viscosity well. I've done several oil analyses with Blackstone Labs and that's what I found. If you don't want to pay the price of the Merc oil you can use 15w/40, either Chevron Delo or Shell Rotella, it is a good bit cheaper. For the lower unit, I have always used the Merc High Performance Gear Lube, again it's not cheap but no failures over 20+ years of salt water use.
As far as parts for the Cobra drives, most parts are available, I have a bunch of spare parts I bought thinking I'd might need them but in reality what I replace mostly is impellers, fuel filters, spark plugs, and I keep on hand a bunch of the plastic washers for the lower unit fill/drain plugs.

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88 Four Winns 200 Horizon
4.3 OMC Cobra-4bbl
2002 Walker Bay 10/2012 Suzuki 2.5
2008 Walker Bay 8

1998 Jeep Grand Cherokee 4.0/Selectrac
2007 Jeep Grand Cherokee 5.7 Hemi/Quadradrive II