Nice looking rig!
On the varnish, PowerBoat reports did some durability tests several years ago and picked Epifanes as the longest lasting. I think Honey Teak was the second best. I've tried both and Epifanes is definitely better and does not darken the wood like Honey Teak. I'm just redoing the Epifanes on mine after about 6.5 years; should have done it last year before it started to go, as much less work required if it hasn't started to crack. I do keep my boat covered when not in use, which helps a lot with the strong UV down here. If you buy the Woodfinish Gloss version, you don't have to sand between coats if done within 72 hours. The more coats the better. I used 6 on the boat trim and am going with 9 on a mahogany door I'm now doing for the house.
I have over 400 hrs on my E-Tec and it's been a great motor! That EMM history is great info to have when you're buying a used motor! Yours has enough time on it, that I'd check a couple other items when you service it. There is an exhaust pressure sensor fitting below the powerhead with small holes in it that may be plugged with carbon, especially if PO did not use the XD-100 full synthetic oil. Plugged sensor seems to make motor run a little richer and affect starting and idle quality. You'll have to remove the lower covers to get to it; just follow the hose from the EMM to find it. Be careful not to overtighten the bolts on the lower covers when you reinstall. While you have the covers off, also pull the fuel return line where it goes into the vapor seperator tank. There is a conical mesh filter in the tank inlet that protects the pressure regulator; that VST filter tends to plug, so pull it out of tank and clean or replace it. I'd also check the nuts that hold the poppet valve housing together to make sure they're stainless. There was a recall (I think on later vintage motors) because a supplier substituted cad-plated nuts w/o telling BRP; the plated nuts can rust and cause water leaks that can spray everywhere, including into the air intake! The later E-Tecs have a spin-on 10 micron water seperating fuel filter with a water sensor in it, instead of the small plastic in-line filter that's on the earlier motors. BRP made a kit to retrofit one on the earlier motors that's worth installing, even if you have a Racor filter in the boat. There have supposedly been cases of water getting past a Racor and that second filter would catch that, so it's cheap insurance.
If you haven't already seen it, check out the E-Tec Owners web site at
http://www.etecownersgroup.com/?forum=136486. I picked up most of the above info from it! It's a great resource supported by some very good techs and knowledgble owners, similar to CSC forum in quality!