1969 115hp Evinrude rebuild

Hi Folks,
I'm new to this so I apologise in advance for any ignorance, etc.
I have taken delivery of a 16' fibreglass ski boat with a 115hp E'rude on the back. The model number is 115983S and it hasn't been run for at least 6 years. I would like to get my hands dirty and rebuild the engine being fairly mechanical minded, wanting it done properly and not caring how long it will take. My question is, what assessments/testing should I do on the engine before I start, as I do not want to find out I am throwing away my hard earned cash half way through the rebuild. Or being such an old engine and not knowing the history of it, do I look at purchasing a newer good second hand unit. Any help is greatly appreciated.

Re: 1969 115hp Evinrude rebuild

you do this first. http://forums.iboats.com/showthread.php?t=158086

it is an Electric Shift lower unit, which parts are not available. do the above. use the motor till it quits. and replace.

we had the Johnson version of that motor, they eat power pack about every 4 years, which are in the $400 range to replace. Great motor, big gas hog.

they cost of just the seal kit is more than the motor is worth on the retail market. http://www.marineengine.com/parts/johnson-evinrude-parts.php?year=1969&hp=115&model=115983S

Re: 1969 115hp Evinrude rebuild

Thankyou for the information tashasdaddy. This is exactly what I was looking for and it looks like it may save me from putting a large amount of money down the gurgler. Much appreciated.