A 200hp Lycoming weighs 330 pounds. A 200 HP outboard weighs 500. They also enjoy the luxury of an unlimited supply of cold water for cooling, and through thermostats, get to operate at a constant temp, reguardless of load or rpm. Something an air cooled motor can't enjoy so you can't get the benefit of tight tolerances and precisely controlled fuel/air ratios. The environment they operate (Cylinder head temps, oil temps, air inlet temps, etc) in is very controlled and varys little. Now look at an aircraft engine, Air inlet temps go from 100 deg to the negative numbers routinely every flight. Oil temp vary with load on every climb and decent. Same for CHT and EGT. So, if you want the modern advancments of a marine engine in an aircraft, you need to make it water cooled, have a large enough cooling sysem and water load to cover all situations, and constantly varying thremostats and poppet valves to maintain temps, and never fly where air temp is going to vary much, like what your typical outboard sees its whole life.