Re: '75 850 Lower Bearing
Many of the older motors have the bearing pressed into the cap and a slip-fit on the crankshaft. Your 850 has its ball bearings pressed onto the crank. Unless you can find a puller with thin enough jaws to fit inside the crankcases, and at the same time strong enough to pull the bearing, you're gonna have to split the crankcase.
All the ones I've taken off, I've had to use a bearing splitter-type of puller to get between the bearing and crankshaft counter-weight and make the initial busting-loose. After that, you'd use a jaw-type puller or a harmonic-balancer style of puller, with bolts threaded into the face of the bearing splitter.
If you're very careful, you don't have to remove the rotating assembly from the block. Just pull the crank out far enough to get the pullers on it, and be sure to prop the crank so it doesn't get damaged from rocking side-to-side.
Heat the new bearing to no greater than 250 Deg F (an old toaster oven works great for this), and slap it onto the clean, lightly-oiled crankshaft. Note you only have one chance to get this on straight, if you don't get it fully on & seated against the shoulder of the crankshaft before the bearing i.d. shrinks onto the crank, you'll have to drive the bearing the rest of the way. Never drive against the outer race, only the inner.
Clean/degrease the manifold cover & block sealing flanges; install new cork strip gaskets, and spread a thin coating of sealer on the block flange.
I like to use Loctite 518 anaerobic "gasket maker"
http://www.summitracing.com/search/Product-Line/Loctite-518-Anaerobic-Gasket-Maker/
OMC Gel-Seal is pretty much the same thing:
Evinrude Johnson OMC 0324073 - Gel Seal @ MarineEngine.com
Mercury sells a similar product as well, called "Master Gasket".
I've had good luck with just the 518 sealer by itself. My local NAPA carries the stuff by the tube and it's not extremely expensive.
The 'old school' alternative to the anaerobic sealer is to use Permatex No. 3 Aviation-Type non-hardening gasket dressing; Mercury Marine, in the past, has said that is was OK to use on motors that had the cork sealing strips. I still prefer the 518 sealer as a modern alternative and have never had a leaking flange.
Recommend you install new crank seals in both upper & lower bearing caps while it's apart, might as well! Same goes for the bearing cap O-rings.
HTH & G'luck on the repair.