Welcome aboard! VERY clean original boat! I agree 100% with Fr. Frank's advice! Those old V-4's are very simple reliable motors . . . I ran a 115 I installed new in 1975 for 34 years!
If it were my boat, I'd do two more things:
1. You have the original Moesly-designed circulating live well under the port stern seat, which is very clever design that works well with NO PUMP! However, IF that inlet/outlet fitting at the waterline with the screw-off cap starts to leak, it will kill your transom! That cap seals a plastic cup that fits thru a hole in the core and is bonded to the outer skin with brittle polyester "Potter Putty". They drilled a 3/8" hole in the center for the water supply, which is a copper tube extending down below hull and cut off at 45 degrees; a bunch of 1/8" holes thru it let water slosh in & out at rest and provide the overflow when you're up on plane. If that putty cracks, water will seep into the core but you'll never know it till the transom gets soft!
Mine had started to leak but I caught it before it got too bad a few years after I got the boat. I removed the cup, dried out the wood around it with alcohol, and treated the rotted wood with Git-Rot. I then got a ~4" diameter slip/threaded PVC pipe adapter fitting, cut it to ~1" length, attached it to the transom with epoxy and filled the area between it and the rotted wood with thickened epoxy. I then screwed a flat pipe plug into that and installed a Phye plate that seals with an O-ring over the whole works. I'd fix this first because when you get in there it'll give you a good idea of what shape the transom is in!
2. The next thing I'd do is to pull the motor (after you've gotten it running to see if it's worth keeping!) and pull the aluminum trim around the motor cut-out. Bought my boat used from Frank Brown of Brown & Hauptner Marine who was a SeaCraft dealer, and he suggested I do what they did on all the new boats they sold . . . the gap between the top of the transom and the inner liner is also sealed with Potter Putty, so they pulled the trim, routed out that gap, and caulked it with a good flexible polysulfide caulk like Life Caulk. In 2006 when Don Herman filled in my transom and the live well inlet, which was covered up by the bracket, he said it was the driest original transom he had ever seen in a 1972 boat, so I think fixing those 2 areas is why my 41 year old original transom is still in good shape!
I liked and used that live well so much that I replumbed it as shown in the pics below so it's still functional with the bracket!
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