Re: '76 650 vs. '78 700 Lower Units
Don't get hung up on model numbers. Merc used to add a "zero" to the HP rating for many years, guess it made them sound more powerful!
I'm thinking that right about the time the '70' came out, Merc dropped the "zero" from their entire line.
And regarding impellers, the vanes of a new impeller are straight, they will become curled up as a function of turning in the water pump body. After a while the rubber gets old and takes a 'set', then the blades will not straighten-out if the impeller is removed.
It's possible the impeller you got was for a later-model 70 HP, which is a totally different motor, using a much larger water pump.
That's why it's important on Mercury's to not only go by HP but by Serial Number.
If you'll check out this link below from mercruiserparts.com you'll see that there's quite a few different serial number ranges for a "70 (3 cyl)".
http://www.mercruiserparts.com/selectSerailRange.asp?doc_nbr=70+(3+CYL.)
These include serial numbers which will match up to your motor, and also ones for the later-model 70HP 3-cylinder which will hardly have any parts that interchange with yours (I'm thinking fuel filter and spark plugs!).
Anyway, that's how this outboard thing works, serial numbers Tell All.
That's it for Serial Numbers 101, hope that helps "clear the mud"..........ed