You might consider a few other things.
Step 1. Make sure boat is structurally sound. - I agree with Michael the transom looks suspect.
Step 2. Drain/Inspect/clean fuel tank, replace fuel fill and vent hoses.
Step 3. Go through motor (clean carbs, replace fuel pumps, check shift shaft, replace tstats, poppet, gear oil, waterpump, seals).
Step 4. Inspect and service steering and binnacle control and cables.
Step 5. Rip out and replace all wiring, switches, bilge pumps.
Check or replace the through hull fittings. Scuppers and front fish box.
Back burner raising the transom and all the cosmetic stuff / boat jewelry until you are ready to repower with a 25" motor. Get comfortable with the boat then jump to your step 7.
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