As far as I understand it, painting the liner is a weak and ineffective method to control or stop cavitation. It may be fine for reducing or controlling chemical corrosion however. I have seen Zinc Chromate based paints used in marine environments for this purpose. Maybe you can approach the issue from both angles that we have discussed. If your parts already show significant decay, it is only sensible to do everything possible . I hope someone else who has worked more with the Lister marine engines can chime in here.
dieselgman