...raise the engine first then the boat. ...
The engine was never underwater. The boat sank because it filled with snow over the winter (the tarp/barrels that keep it from sinking got displaced). The engine was in storage.
"You could raise the Titanic with one gallon plastic milk containers and string if you had enough of them and places to attach them." Yup, your 'rope' and attach points only have to be as strong as the amount of each lift bag individually.