Re: help on a old 6cyl merc
DockBusters are definitely a Labor of Love and not for the Faint of Heart!
Here's a good place to start research. Lots of good tuning and other "Old Merc" info:
http://www.maxrules.com/fixtshoot.html
I'd be very concerned about the gearcase, make sure it's not cracked and check the gear oil by pulling the drain plug. If it's full of water, you've got seal problems and probably a rusted driveshaft. Not a simple fix.
Pull over the engine with the rope start. It'll be quite a pull, but you should be able to feel 6 distinct compression pulses. If you pull it over fast enough you should be able to get a good feel for how hard each pulse is. If you get one that's "soft" that's a low cylinder.
Note this is just giving you a rough idea of condition, if you're really serious about bringing the Old Beast back to life it'll be much more involved. But, if compression is bad and gearcase is shot, she's probably best used as parts to restore one in better shape.
Just depends on how mechanically inclined you are. A little "touched in the head" don't hurt either!
HTH & G'luck with the 'new' motor..........ed