Question about working on older 55hp outboard

I recently picked up a boat with an outboard on it that i am looking to clean up and get ready over the winter.

As for the engine, the seller says that it was running last summer but was not run this summer and could use a tune up. I didnt completely take his word for it but was able to negotiate a price that i was happy with assuming the motor was futher gone than expected.

I was trying to identify the year of the motor but didnt see a serial number where expected. when i took the cover off there was a sticker about the motor using 1980 engine timing. So i am assuming its early to mid 80's, if anyone has any other thoughts on the matter it would be apprecitated.

When I tried to start the engine it started to crank for a second or 2 before stopping. When opening it up i noticed that a lot of the electrical is rotted. I am assuming that all the internal wiring will have to be replaced.

I guess my questions are a few. 1) how difficult is it to rewire one of these units, and about how much would it cost to get replacement wiring. 2) what else is likely to be an issue that i should expect or common problems with this engine? 3) is it worth trying to repair this engine or should i keep an eye out for a rebuilt engine and just replace the engine?

Thanks

Re: Question about working on older 55hp outboard

Forgot to add the motor pic

Re: Question about working on older 55hp outboard

And i have no idea why i put 55hp, i am doing too much multitasking tonight...

Re: Question about working on older 55hp outboard

First thing to do before spending money is to check the compression on all cylinders. If it has good compression then work on buying electrical parts. You may want to doctor up the wires and make new grounds to do some testing before spending on componants like swichbox, trigger or stator. If you can get a used harness off ebay to use. then check that all those parts are working correctly. If it gets started after that Carbs may need to be cleaned fuel pump rebuild may need to be done Impellor change and the lower unit oil should be checked for water and metal chips and then replaced. Thats a good formula to guide the project by. I,m sure there is more but you get the idea.