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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.
No you can sue here for the value of the boat since you have no title signed by the seller.You argue this was a breach of contract, you agreed to pay for the boat and get a clear title.The seller breached the agreement.The boat here without a clear title is worthless.You deserve a refund of any monies you paid and can seek judgment for this amount along with court costs/filing fees.This is the purpose of small claims.
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In Arkansas, you can sue for $5,000 or less in a small claims court.
Small claims limits are $5k plus filing fees.Thanks again.