[bitsamonkey]

Here's an update and some pictures. I was able to start working on the motor as soon as I got it back to the house and flushed with lots of fresh water through spark plug holes and intake. I then turned the motor over by hand to get as much of the water out as possible, filled with diesel and collapsed into bed. The next morning the real engine work started. I removed everything and flushed with water, blew dry with compressed air, flushed with denatured alcohol and blew dry again, followed by some wd-40 type lubricant. Every last system got this treatment as well as every plug and electrical connection, which also were lubed with a special electrical lube that's plastic safe. The starter motor was disassembled and received the same treatment, as was the remote oil tank and pump. Same for the throttle and cables. Fuel lines and vst(?) tank got the same. I dried the coils and cdi with a heat gun for a while. Once all of this was complete the cylinders got filled with alcohol and blown dry repeatedly and then misted with lubricant through the spark plug holes and intake. Once the starter was working I spun the motor over to clear out any mayo left in the case. I then filled the motor mounted oil tank and pre-mixed some gas about 40:1 hooked up a gas line and started it right up! Eureka! Yamaha outboards...waterproof to 25 ft for at least 7 days! The engine runs great and looks even better than before with all of the cleaning and Boe-Shield. I am so impressed with the quality of all of the yamaha components and electrical systems! I did not have to buy one single part to get this motor running again. The trim, ignition and kill switches all work, everything works and the motor sounds great. I have not taken compression readings, but I'm sure they'll be fine.
Total cost for the salvage was $94 for the inner tubes, $230 for one week rental of the 3" pump, $150 for the plane ride and gas and sandwiches.
I couldn't have done this without the help of some really good friends.