There are 6 blue drain plugs you need to remove to drain the water out of the cooling system of a Mercruiser 350 MPI Tournament Mag.
There's one near the impeller and water pump (as shown on the rear of the engine on the port/passenger side of the V-Drive Compartment - which is backwards from direct drives):

The second one is underneath the exhaust manifold on the port side and right nearby is the one on the engine block (it'll be facing down on a brass fitting that has a sensor on it):

Then on the other side (starboard/driver) you have a similar setup - one below the exhaust manifold and one attached to the engine block:

Finally, you don't want to miss the plug for the fuel cooler...it's actually located below the fuel cooler:
There's one near the impeller and water pump (as shown on the rear of the engine on the port/passenger side of the V-Drive Compartment - which is backwards from direct drives):

The second one is underneath the exhaust manifold on the port side and right nearby is the one on the engine block (it'll be facing down on a brass fitting that has a sensor on it):

Then on the other side (starboard/driver) you have a similar setup - one below the exhaust manifold and one attached to the engine block:

Finally, you don't want to miss the plug for the fuel cooler...it's actually located below the fuel cooler:

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