I think your idea of a manual is a great idea. This site sells either the manual or www access to a manual for a time period fee which I used and was great. I liked the Seloc over my OEM in several situations as it has more pictures and more detailed explanation. Cost is reasonable.
On lower unit oil, What Chris said about clear doesn't mean drinking water clarity. Clear for lower unit oil under the Quicksilver/Mercury brand is blue black, under the Pennzoil brand is honey colored clear. If the engine has not been run and has been sitting vertical for any length of time, any water will settle to the bottom of the gearcase and if you carefully remove the drain plug in the lower unit water will come out first. Otherwise a brown/tan milky looking oil indicates the presence of homogenized oil and since the engine has been sitting for awhile as you said, some corrosion could be present. If the oil is "clear" then that should be ok.
On compression, my manual for a later model triple said that anything below 120 could be a problem. Numbers withing 10-15% (depends who you are talking to) are ok and actually mean more than actual pressure due to various things being involved....carbon deposits, stuck rings sort of things.
If sitting for a period, the rubber impeller in the lower unit usually takes a "set" whereby the blades don't extend straight out from the center like on a new one. They are folded back which reduces their ability to pump water and engine overheating usually results. New impeller is a serious thought. They sell them here too for $10-15.
That year, as I recall is the new loop charged 3 cylinder engine which does have a thermostat and may have a pressure relief valve (pop-off) for the higher rpm operation. Both should be inspected and tested for functionality. Usually on the rear of the engine block or top aft of the flywheel on the block.
If you decide to go for it, lower compression numbers might be solved by adding Sea Foam fuel supplement to your gas, at least for awhile (I used it all the time). Don't know if that engine has a built in oil pump or not. If so fine just add it to your gas of if not, add it to your 50:1 (1 pt. of TC-W3 oil to 6 gal reg. gas) pre mix. On the initial tank of "fresh gas", I'd dump the whole can (16 oz) in it. Then use per the can recommendation of 1 oz per gallon to keep your engine in tip top shape. I'd try the SF before you go ballistic thinking you need an overhaul due to low compression......if you can get it to run.
On the carbs, they may or may not need attention. Depends on how it was shut down and how long in storage. If you don't feel like fooling with carb kits initially, fire it up if it will, and see how it runs. If it runs pretty good, the Sea Foam will clean things up for you over time.
Mark
