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A picture would help. Do you ever drain the carb bowls? If so, why? Could you drive a SS self tapping screw into the remains of the drain to seal it?

Corroded steering rods usually only occur if they are not cleaned and lubed each season. So turn the wheel so they stick out all the way (or disconnect and pull them out), wipe them off until clean. Solvent is usually not necessary. Now grease 'em up good. The best stuff was Mercury's...

Newer Mercs have a silver plug on the block, with the serial number. Failing that, you could try to look up the part number of the block.

Those are some pretty good bangs on the side of the gearcase. You might put a straight edge on 'em and see if there are dents in the casing.

I read the description of the product on Amazon. I was surprised that it was listed, as I expected a stain to protect from greying.

There is a product that screws onto the open end of the steering rod, and seals it with an oring. Search "Steering tube cable grease nut"...

According to the internet, that stuff is water based. Says it penetrates but allows the wood to weather to a grey color. That seems to be an oxymoron. My deck will weather to a grey color, if I leave it alone.

You might source the rubber mounts for your motor. When I needed them for my Merc, only the Sierra brand was stocked, and very few of them were avail. The bolts can be had at a good hardware store.

The switchboxes are potted with epoxy. It is very difficult to get to the innards. You might look for a new engine harness. Sierra may make them.

Usually if you can rock the shift rod front to back with a pipe or monkey wrench, with penetrating oil and some rags for cleaning the dirt off, they will loosen up. Hammering on the end will usually mushroom the end of the rod and make removal near impossible.

Why was the voltage low when ign on and engine not running? Shouldn't it be nearly the same as engine running? Maybe the coil is internally shorted? That would cause it to heat up, I would think. Reducing the voltage to the coil is done to reduce the burning and pitting of the points. You...

Maybe the engine was sunk?

The first issue is getting a replacement steering rod. Merc upgraded to a SS version, which would not fit my '93 Merc V6. I found a used stock one in Green Bay, WI. It was like new, due to freshwater useage.. A shop may not want to search around for a used part, for an old motor.

Replacing the steering rod (actually swivel pin is it's official name) is a PIA. You pull the gearcase. You pull the powerhead. You remove the exhaust extension. On most saltwater motors, you need to cut the rubber mount bolts at the steering rod, 'cause the rubber mounts are rusted to the...

Sounds about right. Those older Mercs had issues with insulation falling off the wiring harnesses. You might also look for that. CDI Electronics should make replacement components.

The reed stops are real corroded. That should not be. The pistons look fine, from the angle of the photos. The top inside of the cylinder looks like it was beaten with piston material. Maybe the pistons were replaced?

Well, your electrical cables are likely not good, somewhere. Look for corrosion under the insulation. Check the battery switch for corrosion. Remember it does not take too much resistance to cause voltage drop on a 12V system.

That is shocking that a new rectifier was bad. I doubt I would even think to test the new part. Did you test the bad part? I would be interested on what is not working.

The 70HP motor would have 3 cylinders, I would think. The 75HP powerhead may have 4 cylinders, depending on the year. I expect the years to be quite different, I will guess early 70s for the 75HP powerhead. You will need to count and measure the powerhead mounting studs and see if they are...

Check the bottom yoke #7, top picture for play. That is usually where it is. The steering rod #9 top picture, on my '93 Merc rotted out just above the yoke. The cure was to replace the carbon steel steering rod. Also check the rubber mounts. The four bolts from the steering rod and yoke...