Mariner 200 efi magnum OG129892.
Ok last Thrusday son had a high school tournament. Idle seemed ok. Ran on plane fine for about five miles then hit a no wake zone after getting back on plane from that the engine surged twice then smoothed out. When we headed back in to the ramp for weigh in the surge came back then started slowing down losing power. The warning light flashed twice, don't remember hearing a warning buzzer. I shut it off. My son said we forgot to switch tanks, it wouldn't crank up. Don't think the starter engaged. Got a tow back to the ramp, tilt/trim wouldn't work. Got the boat on the trailer and loosened the pressure release valve and got the transom saver on. Took the cowl off and there was water on the starboard side of the block. The next day we pulled the spark plugs and had metal flakes on number one and two plugs with number one being the worse. I tried to turn the engine over by the fly wheel and it would only turn about three quarters of a turn then stopped. Was able to get a bore scope and the number one piston had damage to it as well as number two. As far as we could tell without pulling the heads the cylinder walls looked ok. Wont have time to pull the heads until next week. Thoughts on what may have caused this and would it it be worth rebuilding or sell it and take a loss? If rebuildable what would a ball park price be provided there's no other damage?