Re: expert eye???
No pics to see but not uncommon to see salt seepage around gasketed joints, or if run in fresh water with hi alkali or mineral content.
More important is the compression balance of each cylinder; and how it idles, shifts and operates at speed. Don't just run it on a flusher but in the water if possible.
These 4-cyl Mercs run real funny on a flusher because of the way the idle circuits are designed. One carb is very lean so the motor idles way down in the water, then when you gas it an accelerator pumps masks the lean condition and allows the motor to pick up smoothly.
Out of the water there's no backpressure which makes them idle faster than normal.
Anyway, check it out carefully and unless the thing is corroding horribly it's not unusual.
HTH & G'luck.........ed