How bad is the rust on the steering arm on that old Black Max? Merc made two different steering arms for the 2.4 and 2.5 V6s. If you've got the thinner one, you really need to watch the rust. The end will eventually rust right off. Happened to a friend of mine. Fortunately, he was at the ramp when it happened, not 20 miles offshore. The steering arm is one piece with the swivel pin and you have to pull the powerhead to replace the part. Pretty expensive unless you can find a good used one and do it yourself. So, an ounce of prevention...
Dave