Bayarea Q,Just saw your post. I've read up on most of the Porsche "watercoolers" and have never heard of cracked blocks being an issue on 928's. My 944 (2.5L) is half of the 928 block and they are hell bent for stout as far as I know. The Turbos had head gasket issues but that's usually associated to increased boost. The reason most 944, 924S, 944 Turbos, and 928's have rebuilt water pumps is because the original design did not allow enough clearance for the timing belt; the new design has a "plastic guide" to prevent backside belt wear. Be prepared to uncork the econo size Vaseline jar though with a 928 unless you do your own repairs. They are very pricey compared to the 944's and 968's. A clutch replacement alone will almost always exceed $1100 due to the double plate design. That being said you will find that owners love them as a great highway compact cruiser with power to spare. If your friend can drive a 86-91 944 Turbo he will never even look at a 928...they are wicked fast and are one of the best handling cars Porsche ever made. They hold their value very well. I looked at one this morning with a funny trans...very tempting indeed for $2K...most go for $5k to $10K.
IMHO the best site to prowl and learn is:
http://rennlist.com/
Not as friendly as NICO of course, must be a German thing! Good Luck and let me know if you need any additional source information.